Wolves have sacked manager Bruno Lage following the club's 2-0 defeat to West Ham on Saturday.
Lage, who spent 15 months at Molineux after replacing Nuno as manager, has overseen just one win in the club's last 15 matches in all competitions.
The 46-year-old guided Wolves to a 10th-placed finish last season, but his side have scored a league-low three goals so far this season, despite spending over £100 million on transfers in the summer.
Their 2-0 defeat to the Hammers at the London Stadium was their fourth loss of the season, with the club sitting 18th in the Premier League on six points after eight matches.
“I honestly have no doubts about Bruno’s ability, and I’m sure he will succeed elsewhere, however the team’s form and performances over the last few months mean that we have no choice but to act," Wolves chairman Jeff Shi said.
“On behalf of everyone at Wolves, I would like to place on record our gratitude to Bruno and his coaching team for all their efforts during their time with the club, and wish them the very best for the future.”
Wolves face a trip to Stamford Bridge to take on Chelsea next Saturday.
Coaches Steve Davis and James Collins will take temporary charge of the team until a new manager is appointed.