Wolves have sacked manager Stale Solbakken following Saturday's embarrassing FA Cup defeat to non-league Luton.
The npower Championship side confirmed in a statement they had terminated the contracts of the Norwegian as well as assistant manager Johan Lange and first-team coach Patrick Weiser.
Solbakken's six-month reign at Molineux has been an unqualified failure, with the newly-relegated club 18th in the table and now the victims of one of the biggest upsets of the third round.
Wolves have won just three of their last 16 league games and the club branded that streak as "a hugely disappointing run of performances and results"
They have put Kevin Thelwell, head of football development and recruitment, in caretaker charge, assisted by development coach Steve Weaver.
Speaking after the match, Solbakken had said he was not "embarrassed" by Saturday's 1-0 defeat at Kenilworth Road and insisted he remained the man to "put it right" at the club.
But Wolves bosses have clearly taken a different view.
The club are now looking for their fourth boss in less than a year after the departure last February of Mick McCarthy and the brief tenure of Terry Connor.
Before his departure, the Norwegian - who was appointed in the summer - claimed he felt no shame in crashing out of the FA Cup to non-league opposition.
"There will be a lot of questions over me but that is normal, that's football and I have to take that, it's no problem," he said.
"I can put it right. I'm not embarrassed by the result, I can't fault the players' effort. First half we did well, but second half we didn't because our physical presence in the box was not enough.
"We should have been two goals up in the first half. We had two clear chances which we failed to take, and when they scored with their first or second attack of the second half we struggled to come back.
"They protected their penalty area very well. They overcrowded it in the second half and we didn't manage to win those battles. We tried to put crosses in but it didn't work. It was like two different games before and after their goal.
"It was a very stop-and-start game and there was no rhythm in the second half."
Luton boss Paul Buckle claimed it was impossible to tell who were the underdogs after Alex Lawless' goal settled the contest.
Buckle's Blue Square Premier side grabbed the only goal of the game through Lawless a minute after half-time and comfortably held out against four-time winners Wolves.
In truth the margin could have been greater with Andre Gray, released by Wolves as a teenager, seeing one effort saved and Jon Shaw wasting another good chance.
And while Christophe Berra and Jamie O'Hara both came close as Wolves rallied in the second half, Buckle insisted nobody would have guessed there were 59 places between the two sides.
"They will struggle to pick out the Blue Square Premier side when watching the highlights, they'll see a very good Luton team," he said.
"We have to use this to kick on in the league - we know we have to put a run together.
"We've been in this division for four years, and I'm looking for the magic wand to get us into the Football League.
"It was tough for Wolves. If it's going to be tough for teams like Wolves to come to Kenilworth Road, it gives everyone a lift. We're working hard, and the pleasing thing for me is that the players showed just how capable they are.
"Andre Gray caused them a lot of problems, he seems to be getting better and better every game. People will pay money to watch him play, he's direct and exciting.
"They're on a bad run but Wolves have top players, you can't forget that, and it would be wrong for me to pick one of our players out because they were all fantastic."