Wolverhampton Wanderers have announced that head coach Kenny Jackett has left the club with immediate effect.
Jackett's position at Molineux had been under threat ever since it was reported that former Porto boss Julen Lopetegui was due to be brought in by the new owners after they successfully completed a takeover of the club.
On Monday, however, Fosun International representative Jeff Shi suggested that Jackett would remain in charge after Lopetegui took the Spain job, but the Black Country outfit announced on Friday night that Jackett's contract had been terminated.
In a statement on the club's official website, Shi said: "I would like to sincerely thank Kenny for everything he's done for Wolves over the last three years.
"He's shown true professionalism during his tenure and over the course of the transition to new ownership. I would like to wish him all the very best for the future."
Jackett leaves Wolves after three years in charge, with the 54-year-old having guided the club to the League One title in 2014 before the club finished in seventh and 14th place respectively in two seasons in the Championship.
Wolves have said that an announcement regarding a new head coach will "be made in due course", but Marco Silva, Steve Bruce and Andre Villas-Boas have all been linked with the role.
