Peterborough have confirmed they have parted company with manager Darren Ferguson after agreeing a financial settlement with the 37-year-old.
The son of Manchester United boss Sir Alex, Ferguson guided Posh to successive promotions after taking over at the club in January 2007.
But Saturday's 3-1 defeat at Championship leaders Newcastle United saw Peterborough slump to the bottom of the table, with just two wins from 16 games.
He has now left London Road with the club confirming in a statement: "Following a series of meetings with the manager, Peterborough United and Darren Ferguson have decided to part company with immediate effect by mutual consent.
"The football club would like to thank Darren for his magnificent service during his time at London Road and wish him and his family all the best for the future.
"Peterborough United Football Club wish to assure all its supporters that the perceived delay in announcing the departure of the manager by mutual consent was entirely due to the confidential terms and conditions that underpinned the agreement which was not approved and finalised until this afternoon."
Director of football Barry Fry paid tribute to Ferguson`s "miraculous achievements" at the club.
Fry told the Peterborough Evening Telegraph: "I and the club would like to thank him for his miraculous achievements with the total support of the chairman (Darragh MacAnthony) in the near three years he has been at the club and we wish him and his family all the best in the future.
"Nothing surprises me in football."
Steve Coppell and Peter Taylor are among the favourites to succeed Ferguson.