David Moyes has been sacked as Manchester United manager, with Ryan Giggs taking over until the end of the season.
A statement on the club's website said: "Manchester United has announced that David Moyes has left the club.
Manchester United veteran Giggs will take the reins for the remaining games "The club would like to place on record its thanks for the hard work, honesty and integrity he brought to the role."
Shortly after, it released another statement, saying: "Ryan Giggs, the club's most decorated player, will assume responsibility for the first team until a permanent appointment can be made."
Moyes was informed of the decision to let him go this morning at the club's Carrington training ground, said Sky's Paul Kelso.
Chief executive Ed Woodward is said to have told Moyes the news face to face.
Manchester United shares rose 7% on the New York Stock Exchange during the first few hours of trading today.
Speculation over the sacking started yesterday, after United's 2-0 weekend defeat to Moyes' former club Everton.
Van Gaal (L) and Jurgen Klopp are among favourites to take over The result left the champions in seventh place and made it impossible for them to qualify for next season's Champions League for the first time since 1995.
The team has lost 11 times this season, six at home, and also endured defeats to bitter rivals Manchester City and Liverpool.
There has reportedly been discontent among some of the club's top players during Moyes' time at Old Trafford.
Moyes' tenure fell well short of fans' early expectations Moyes was handpicked by Sir Alex Ferguson after 11 years at Everton where he guided the team to five top-six finishes.
The 50-year-old signed a six-year contract but is now set for a pay-off of around £4m - a year's salary - after less than a year in charge.
Former Manchester United star Gary Neville - whose brother Phil was part of Moyes' backroom staff - told Sky he thought the manager should have been given more time, but admitted the club's form had taken a nose dive.
"The results have been poor," said Neville.
"As a fan, I haven't enjoyed watching it.
Nail in the coffin? Moyes' team lost 2-0 at Everton on Sunday "The performances have got worse and worse. There was a little bit of a pick-me-up at Christmas where you thought there might be a little bit of a run.
"But in the last month or two the performances have deteriorated - Olympiakos, Liverpool and the Everton one were particular low points."
Dwight Yorke, part of United's 1999 treble winning side, also told Sky Sports that Moyes had been a "huge disappointment".
Ex-England striker Gary Lineker posted on Twitter: "Wish David Moyes all the very best. He's a good man and a good manager, just not the right fit for Manchester United."
Favourites to replace the Scot include Louis van Gaal, manager of the Dutch national side, and Borussia Dortmund's Jurgen Klopp.
Diego Simeone is also in the frame after a successful season at Athletico Madrid.
But it is Old Trafford legend Giggs who will look to steady the ship for the remaining four games of the season.
The club's American owners, the Glazer family, are thought to be ready to bankroll a summer spending spree of £150m or more as the club pushes for a swift return to the top of the game.
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