Bolton have sacked Owen Coyle after the club's poor start to the season.
The Trotters, relegated from the Barclays Premier League last term, currently lie 18th in the npower Championship after claiming only three wins in their first 10 matches.
Chairman Phil Gartside said in a statement on the club's official website: "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."
"It is the right time for a change. We set a target at the beginning of the season and want to get back on track" - Phil Gartside
Gartside added: "It is the right time for a change. 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."
Coyle left Burnley in January 2010 to take up the hotseat at the Reebok Stadium on a two-and-a-half-year deal after Gary Megson was relieved of his duties.
He led the club to safety from 18th position, but failed to keep his side in the top flight last campaign.
Coyle, who played for Bolton between 1993-95, said: "I have always been driven to act in the best interests of the club and care passionately about it.
"I had fantastic times here as a player and it has been a privilege to have held the post of manager.
"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.
"I wish everyone connected with Bolton Wanderers all the very best."
Academy manager Jimmy Phillips and head of academy coaching and development Sammy Lee will take temporary charge of the first-team squad, with their first assignment on Saturday week at home against Bristol City.
Former Wolves and Republic of Ireland boss Mick McCarthy is the current favourite to be Coyle's permanent replacement at the Reebok Stadium.
Former Aston Villa manager Alex McLeish, ex-Charlton and West Ham boss Alan Curbishley and Harry Redknapp, who left his post as Tottenham boss in the close season, are also names in the frame.
Barnsley manager Keith Hill, who lives in Bolton, has also been linked with the Trotters' vacancy, as has Swindon boss Paolo Di Canio.