Newcastle boss Graeme Souness has been sacked, with Glenn Roeder installed as caretaker manager and Alan Shearer given the role of his assistant.
The Magpies have won only one point in six Premiership matches and are just six points above the relegation zone.
A statement on the club's website read: "The employment of Graeme Souness has been terminated with immediate effect."
Souness, 52, took charge of Newcastle in September 2004 after Sir Bobby Robson was sacked.
His 16-month tenure at St James' Park was a rollercoaster ride.
With only 36 victories in his 83 matches, the pressure was almost always on Souness - and the 3-0 defeat by Manchester City on Wednesday proved the final straw. .
Magpies fans protested at the match by displaying a 'Souness Out' banner during their side's woeful display at Eastlands.
But Souness vowed to stay on, saying: "I am not a quitter and will not quit."
For much of his reign, Souness was hampered by injuries to key personnel - but he also spent over £47m on players.
The biggest arrival was that of England striker Michael Owen for £17m last summer, but he soon became another player on the club's treatment table.
It will now - at least in the immediate future - be up to former West Ham boss Roeder to try and revive the struggling Tyneside giants.
He will be helped by Magpies' skipper Shearer, who is playing his last season before retiring.
Former England striker Shearer has made no secret of his desire to one day take over as Newcastle boss.
Also in the frame is Bolton manager Sam Allardyce, who turned down the job before it was offered to Souness but has continued to be linked with the post.
A spokesman for Bolton said: "We've got no comment to make. Sam has got a job to do here and is under contract."
IN THE RUNNING
Sam Allardyce 5/4
Paul Jewell 6/1
Steve Bruce, Sven-Goran Eriksson, Mark Hughes 7/1
Alan Curbishley 8/1
Alan Shearer 10/1
Stuart Pearce, Paul Le Guen 14/1
David Moyes, Kevin Keegan, Louis van Gaal 20/1
David O'Leary 25/1
Kenny Dalglish 33/1
Peter Reid 50/1
Paul Gascoigne 500/1
The Magpies have won only one point in six Premiership matches and are just six points above the relegation zone.
A statement on the club's website read: "The employment of Graeme Souness has been terminated with immediate effect."
Souness, 52, took charge of Newcastle in September 2004 after Sir Bobby Robson was sacked.
His 16-month tenure at St James' Park was a rollercoaster ride.
With only 36 victories in his 83 matches, the pressure was almost always on Souness - and the 3-0 defeat by Manchester City on Wednesday proved the final straw. .
Magpies fans protested at the match by displaying a 'Souness Out' banner during their side's woeful display at Eastlands.
But Souness vowed to stay on, saying: "I am not a quitter and will not quit."
For much of his reign, Souness was hampered by injuries to key personnel - but he also spent over £47m on players.
The biggest arrival was that of England striker Michael Owen for £17m last summer, but he soon became another player on the club's treatment table.
It will now - at least in the immediate future - be up to former West Ham boss Roeder to try and revive the struggling Tyneside giants.
He will be helped by Magpies' skipper Shearer, who is playing his last season before retiring.
Former England striker Shearer has made no secret of his desire to one day take over as Newcastle boss.
Also in the frame is Bolton manager Sam Allardyce, who turned down the job before it was offered to Souness but has continued to be linked with the post.
A spokesman for Bolton said: "We've got no comment to make. Sam has got a job to do here and is under contract."
IN THE RUNNING
Sam Allardyce 5/4
Paul Jewell 6/1
Steve Bruce, Sven-Goran Eriksson, Mark Hughes 7/1
Alan Curbishley 8/1
Alan Shearer 10/1
Stuart Pearce, Paul Le Guen 14/1
David Moyes, Kevin Keegan, Louis van Gaal 20/1
David O'Leary 25/1
Kenny Dalglish 33/1
Peter Reid 50/1
Paul Gascoigne 500/1
