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REUTERS - English Championship club Wolverhampton Wanderers said on Tuesday they had "agreed to part company" with their Scottish manager Paul Lambert.
The former Norwich City and Aston Villa manager took over at Wolves in November and led the club to a disappointing 15th place finish in the second tier.
Wolves said in a statement the decision had come after a 'football review' had been conducted.
"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," said the statement.
Lambert's first team coaches Stuart Taylor and Rob Edwards will also be leaving the club, Wolves said, adding that details of replacements would be made "in due course".
Reporting by Simon Evans; Editing by Mark Potter