Kevin Keegan has been sacked as Newcastle United manager following a meeting with the club's directors, according to sources.
The 56-year-old did not take training on Tuesday morning but the Magpies are yet to confirm the speculation that he has left the club for a second time.
Reports suggest that Keegan became frustrated with the club's transfer policy and issued the board with an ultimatum.
Only last week 22-year-old James Milner was sold to Aston Villa for a fee of £12million, despite Keegan insisting he wanted the winger to remain on Tyneside.
Tension over transfers has simmered ever since Dennis Wise was drafted in as Executive Director (Football) to head up activity in the market, only weeks after Keegan's appointment.
At the time the former Newcastle player, who joined the club for a second spell as manager in January 2008, insisted, through clenched teeth, that he had no problem with Wise's surprise appointment.
But having been unable to add big names to the signings of Argentinian pair Fabricio Coloccini and Jonas Gutierrez during the transfer window Keegan is believed to have become disillusioned at St James' Park.
|“||Mike Ashley and his sniping boardroom cronies gradually usurped Keegan from the moment they were installed. ”|
|Chris Murphy on Kevin Keegan's exit.|
Angry supporters gathered at the stadium on Tuesday and chants of 'sack the board' were repeated as the Toon Army voiced their dissatisfaction at reports that 'King Kev' was on his way out.
The bookies have stopped taking bets on Keegan becoming the next Premier League manager to lose his job and have installed Wise as the favourite to take over at Newcastle. Everton manager David Moyes has come in from odds of 33/1 to 7/1 to be the new Toon boss.
Keegan's first stint as Toon boss began in 1992 and after five successful years at the helm he shocked the footballing world in January 1997 by announcing his resignation.
After leaving Newcastle Keegan went on to manage Fulham, England and Manchester City.