Swansea City have "reluctantly" sacked manager Garry Monk after 22 months in charge.
Monk has been fired just seven months after leading the club to their highest ever Premier League finish, bringing to an end an 11-year association with the club he played for before becoming manager in February 2014.
Sky sources understand Brendan Rodgers - who was the initial favourite to take over from Monk - is not in the running to return for a second spell as manager.
Monk's assistant Pep Clotet is also expected to leave the club with David Moyes among the front-runners to takeover at the Liberty Stadium.
Swansea have struggled for results after a bright start to the season and have won one of their last 12 matches in all competitions.
Chairman Huw Jenkins said: "The decision has been made very reluctantly and with a heavy heart.
"To find ourselves in our current situation, from where we were in the first week of September, and considering the drop of performance levels and run of results over the last three months, it has brought us to this unfortunate decision today.
"Garry took on the job 22 months ago with the backing of everyone at the club. And when you take into account the excellent campaign we had last season, when we broke all club records in the Premier League, nobody foresaw the position we would be in at this moment in time.
"Bearing that in mind and the current uncertainty around the club, we felt the situation needed clarity to move forward. It was not a decision we took lightly, especially given Garry's history and standing within the club.
"And it goes without saying that we wish Garry all the very best for the future and thank him for his tremendous service, not only as a player over the last decade, but also as our manager. He will always have a warm welcome at this football club.
"We hope to appoint a replacement as soon as possible.''
Monk was given the backing of Jenkins last month after two successive defeats following their third Premier League win of the season over Aston Villa.
But Sky sources reported earlier this week that Monk's job was under serious threat after a 3-0 capitulation at home to Leicester on Saturday.