Arsenal head coach Unai Emery has been sacked after a disappointing start to the season, 18 months after succeeding Arsene Wenger.
Wolves boss Nuno Espirito Santo is the early favourite to replace the 48-year-old Spaniard at the famous north London club.
Emery’s departure follows a run of seven games without a win, last night’s 2-1 defeat to Eintracht Frankfurt in the Europa League proving to be his last game.
Former midfielder Freddie Ljungberg, who became Emery’s assistant in the summer, will take charge on an interim basis.
Results and performances have not been “at the level required”, the club said, adding that the search for a replacement was “underway”.
Other names being mentioned include Manchester City coach and former Arsenal player Mikel Arteta, and ex Tottenham boss Mauricio Pochettino, who was recently replaced by Jose Mourinho.
The Gunners have not won since 24 October, and there were boos at the Emirates Stadium after last Saturday’s 2-2 draw with Southampton in the Premier League.
They have won only four of their 13 league games and are eighth in the table, below Sheffield United and Burnley.
Emery was appointed at the end of the 2017-18 season, but was unable to get the side back into the Champions League, finishing fifth last season and losing the Europa League final to London rivals Chelsea.
Josh Kroenke, speaking on behalf of the Arsenal board and the club’s owners Kroenke Sports & Entertainment, said: “Our most sincere thanks go to Unai and his colleagues who were unrelenting in their efforts to get the club back to competing at the level we all expect and demand.
“The decision has been taken due to results and performances not being at the level required.”
He added: “We have asked Freddie Ljungberg to take responsibility for the first team as interim head coach. We have full confidence in Freddie to take us forward.
“The search for a new head coach is underway and we will make a further announcement when that process is complete.”
Arsenal are away to Norwich on Sunday, before a home game with Brighton and a London derby at West Ham.