Manager Dean Saunders has been informed by Wolves that his contract is to be terminated.
The decision has been made following confirmation of Wolves’ relegation to npower League One.
Assistant Manager Brian Carey will also be leaving the Club.
Wolves have now begun a recruitment process, which, in conjunction with the Board, will be managed by Head of Football Development & Recruitment Kevin Thelwell.
The Club will now take as long as is necessary to make this crucial appointment and there will be no publicly communicated timescales.
Wolves would like to thank Dean and Brian for their efforts in what has been a very difficult period for everyone, and wish them both the very best for the future.
The Club will be making no further comment at this stage.