West Ham have started their search for a new manager after deciding not to renew Sam Allardyce's contract.
The club announced the news just minutes after the final whistle at St James’ Park where Allardyce’s side lost 2-0 to his former club Newcastle.
A tweet from the club's official Twitter account read: "The club have begun the search for a new manager after deciding not to renew Sam Allardyce's contract."
Next West Ham manager odds
Slaven Bilic 4/9, Unai Emery 5/2, David Moyes 7/2, Roberto Di Matteo 8/1. Bet here.
Allardyce took over at Upton Park in 2011 and the Hammers made an excellent start to the current campaign, but tailed off dramatically to finish in 12th.
West Ham's joint-chairmen David Sullivan and David Gold thanked Allardyce in a statement on the club’s website and said they already have a short-list to succeed the 60-year-old.
“We would like to start by thanking Sam Allardyce for his valuable work since arriving at the Boleyn Ground four years ago,” said the statement.
“He leaves the club in a considerably better state then when he arrived and, for that, the board are truly grateful.
“However, we have made the decision not to renew his contract, so we now have the chance to appoint a new manager with a new philosophy to lead us into two of the most exciting years in our great club’s history.
“Our target is to recruit a manager that will build a team capable of saying a fitting farewell to the Boleyn Ground next year and do justice to the outstanding surrounds we will call home from August 2016.
“We have already been impressed with the quality of candidates that have expressed an interest in the role and fully expect to appoint a manager with the credentials to take this club on to new heights.
“From our point of view there isn’t a more exciting job in the Premier League at present.”
Allardyce said the decision reached was the best step for all concerned.
"I think it's right for both the club and myself," he said.
"My time has been a fantastic time. I've really enjoyed the London scene, I've really enjoyed managing the club and I've really enjoyed the success we've gained from the period of time we've been together."
He took over a relegated side in 2011 and led West Ham to promotion back to the Premier League in his last season, which he called "one of the most difficult tasks you will face".
"To move on from there and stabilise it for the big move to the new stadium is what I've done," Allardyce said on Sky Sports News.
"I've delivered everything that's been asked of me, I've enjoyed doing it."
Outgoing Besiktas boss Slaven Bilic has been installed as the early favourite with the bookmakers to replace Allardyce, with Unai Emery, David Moyes and Roberto Di Matteo also considered contenders for the post.