Paul Lambert has left his position as Wolves manager, following an end-of-season review at the Championship club.
The 47-year-old Scot will be the third head coach relieved of his duties by owners Fosun since they bought the club last July.
First team coaches Stuart Taylor and Rob Edwards, and Head of Sport Science Tony Daley, will also be leaving the club with immediate effect.
Lambert only took charge at Molineux last November and guided them to a 15th-place finish, well clear of the drop zone.
Sky sources report that Lambert has not resigned but was not prepared to work with the club's new transfer policy, which is to be guided by agent Jorge Mendes, who has close links to Fosun.
The former Blackburn, Aston Villa and Norwich manager thanked Wolves fans for their support in a statement released by the League Managers Association on Tuesday evening.
Lambert said: "I would like to say goodbye and thank you to the supporters of Wolverhampton Wanderers for their backing throughout last season. I thoroughly enjoyed my time as head coach of the club and I wish everyone at Wolves the very best of luck next season and beyond.
"We have had some great moments to look back on, especially the performances in the FA Cup against Liverpool and Stoke, and I'm confident that this current group of lads can push on next season to compete with the best in the league.
"It's a great club which is fortunate to have some incredibly dedicated staff throughout. I'd like to thank the Board and everyone at the club, from the Sir Jack Hayward Training Ground to Molineux Stadium, for their hard work and efforts in supporting the first team this year.
"Although it is disappointing to be leaving after only a short period of time, I hope to enjoy a short break with my family this summer before preparing myself for my next challenge in football."
Portuguese coach Nuno Espirito Santo, who has left his post at Porto, has been strongly linked with the Wolves job.
A Wolves statement on Tuesday read: "The club would like to place on record its thanks to Paul for his dedication and professionalism during his time at the club, which included some memorable victories, and wish him all the best in his future career.
"Along with Paul, all three departing members of the backroom staff leave with the club's best wishes.
"A further announcement on a new Head Coach and backroom team will be made in due course."