Wolves sack Vitor Pereira after failing to win any Premier League games this season.
A 3-0 defeat by Fulham on Saturday was Wolves' eighth of the top-flight campaign.
Wolves have sacked boss Vitor Pereira weeks after he signed a new long-term contract, according to reports.
Listen to this article
Pereira's sacking comes only 45 days after he signed a new three-year contract with the club, which currently sits bottom of the table, eight points adrift of safety.
Under-21 boss James Collins and under-18 head coach Richard Walker will take first-team training while the club work to appoint a new manager.
Read More: Mohamed Salah scores 250th Liverpool goal as Reds beat Villa to end losing streak
Read More: England kick off Autumn Internationals with commanding victory over Australia
Pereira took over from Gary O'Neil last December and guided the Molineux club away from the relegation zone with a notable double achieved over Manchester United.
A 16th-placed finish was followed by the departure of Matheus Cunha this summer to Manchester United, but despite a poor start to the new campaign, Pereira put pen-to-paper on a new deal on September 16.
However, it failed to translate into improved results and Saturday's 3-0 loss at Fulham extended Wolves' winless start to the Premier League season to 10 matches.
It occurred a week after Pereira and players had clashed with Wolves fans at Molineux following a 3-2 home loss to Burnley.
This latest defeat at Fulham, which Pereira described as the worst performance of his tenure, appears to have sparked Wolves' owners into action.
Wolves lie bottom of the Premier League table on two points.
Executive chairman Jeff Shi said: "Vitor and his team worked tirelessly for Wolves and helped guide us through a challenging period last season, for which we are grateful.
"Unfortunately, the start to this season has been a disappointment and, despite our strong desire to give the head coach time and matches to find an improvement, we have reached a point where we must make a change."