Unai Emery has been sacked as Arsenal manager following the 2-1 Europa League defeat at home to Frankfurt.
Sources told ESPN FC after that loss that Emery's position was untenable, following Arsenal's worst run in 27 years.
The club are winless in all competitions in seven games and sit eight points behind fourth-place Chelsea in the Premier League after just 13 games this season.
The Frankfurt game was played in front of a half-empty stadium and a group of Arsenal supporters unveiled "Emery Out" banners.
Freddie Ljungberg, Emery's assistant, is favourite to take over on an interim basis.
Emery, who won three Europa League titles with Sevilla boss and the Ligue 1 title with Paris Saint-Germain, signed a two-year deal with the option of a third in 2018.
After succeeding Arsene Wenger in May 2018, Emery led Arsenal to the Europa League final in his first campaign in charge but the Gunners failed to qualify for the Champions League.
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In total, Emery managed 51 Premier League games in total, winning 25, losing 13 and drawing 13.
Wolves boss Nuno Espirito Santo has been linked with the position but he said it would be "disrespectful" to comment on the situation.
"I think you know me well enough and you know that I'm not going to answer about that," he said earlier this week.
"I will never mention an issue that's not a reality. Mainly speaking about a job that has a manager on it. It would be disrespectful."