Bolton Wanderers have sacked manager Owen Coyle.
The Trotters, who were relegated from the Premier League last season, are 18th in the Championship after winning only three of their 10 matches.
"I have always been driven to act in the best interests of the club," said Coyle. "I had fantastic times here as a player and it has been a privilege to have held the post of manager."
Chairman Phil Gartside added that it is "the right time for a change".
Coyle, whose side were beaten 2-1 at fellow strugglers Millwall on Saturday, commented: "I want to thank the fans for their backing since I returned, the chairman Phil Gartside and the owner Eddie Davies for their support and friendship and the club's staff and players for all their effort and commitment."
The 46-year-old took over at Bolton in January 2010, six months after guiding Burnley to promotion to the Premier League and consequently signing a contract extension at Turf Moor.
The Trotters went on to survive a relegation battle while Burnley went down.
In 2010-11 Bolton reached the semi-finals of the FA Cup and finished 14th after spending much of the season in the top half of the table, but last season they were relegated, ending an 11-year spell in the top flight.
In March Bolton and Coyle were widely praised for the support they gave to Fabrice Muamba, after the midfielder suffered a cardiac arrest while playing against Tottenham Hotspur.
Following relegation it was revealed the club were carrying debts of £110m, mostly owed to Isle of Man-based owner Eddie Davies.
On Saturday Coyle described the defeat at Millwall as the lowest point of his managerial career but insisted he had no intention of resigning.
However, after meeting Davies and Gartside on Tuesday, he parted company with the club.
In a statement on the club website, Gartside said: "Owen poured his heart and soul into the job, both on and off the pitch, and he led our club with great dignity during some very challenging times.
"We set a target at the beginning of the season and want to get back on track.
"I would like to place on record our sincere thanks to Owen, Sandy Stewart and Steve Davis for all their hard work during their time at Bolton Wanderers."
Academy manager Jimmy Phillips and head of academy coaching and development Sammy Lee will take joint temporary charge of the first-team squad.
Former Wolves manager Mick McCarthy is among the front-runners to replace Coyle.
Roy Keane, who guided Sunderland to promotion into the Premier League, is also regarded as a possible candidate.