Crystal Palace have parted company with manager Tony Pulis just two days before the start of the new Barclays Premier League season.
Pulis and club co-chairman Steve Parish held talks to discuss issues relating to transfer dealings and on the back of that meeting Pulis has left the club by 'mutual consent'.
Pulis had been frustrated by the club failing to push through deals for various players he targeted to strengthen the Palace squad.
Palace will issue a statement on Friday to address the resignation before holding an afternoon press conference.
The news comes just 48 hours before Palace's opening game of the season against Arsenal, which takes place on Saturday evening.
Bookmakers drastically cut the odds on Pulis being the next Premier League manager to leave his post, with some closing the market due to heavy betting on the Welshman, who had gone from being a 40/1 shot on Wednesday to the odds-on favourite.
Pulis led Palace to survival in the top flight last season after inheriting a squad in turmoil in November, and was named the League Managers Association's Premier League manager of the year in May.
Before reports of the meeting involving Pulis and Parish emerged, Palace clinched the signing of Liverpool defender Martin Kelly on a three-year contract.
The 24-year-old made his Reds debut back in 2009 but found first-team opportunities limited, with a serious knee injury also ruling him out for a year.
Kelly, capped once by England in a 2012 friendly against Norway, became Pulis' fourth signing of the summer following the acquisitions of Chris Kettings, Fraizer Campbell and Brede Hangeland.
Confirming the move on their official website, the south London club wrote: "Crystal Palace are delighted to confirm the signing of versatile defender Martin Kelly from Liverpool for an undisclosed fee."