Warnock leaves Loftus Road with Rangers 17th in the Premier League
Neil Warnock has been sacked as manager of Queens Park Rangers after less than two years in charge.
Rangers currently sit 17th in the Premier League table with only 17 points from their first 20 matches, reports the BBC.
A statement on the club website said: "The Board's commitment to retaining our Premier League status ultimately led to this decision."
Assistant manager Mick Jones and first team coach Keith Curle have also left the club.
They have lost six and drawn two of their last eight and won only four league games all season.
Only a last-minute equaliser from Heidar Helguson prevented Rangers crashing out of the FA Cup at the hands of League One MK Dons.
Chairman Tony Fernandes, said: "This decision has been made in the best interests of the Club and I can assure everyone that this is not a decision that was made lightly.
"Sadly, our recent run of poor form has seen us slip alarmingly down the table and the Board felt it was the right time to make a change.
"Neil has acted with honesty, professionalism and integrity throughout his time at the Club, and I would personally like to thank him for his significant contribution to QPR over the last 22 months."
Warnock, who took charge at the club in March 2010, added: "Obviously I'm very disappointed, but having achieved so much, I leave the club with a great sense of pride.
"I have enjoyed my time here more than anywhere else and the QPR fans have been brilliant with me - they deserve success.
"My biggest regret is that the takeover didn't happen earlier, because that would have given me the opportunity to bring in the targets I'd pinpointed all last summer and probably given us a better chance to succeed in the Premier League."
He added: "The board at QPR are hugely ambitious and I wish them every success for the future.
"I've been involved in the game a long time and I will be spending the immediate future with my family and friends before deciding my next career move."
The 63-year-old took charge at Loftus Road in March 2010, with the club 20th in Championship after leaving his post at Crystal Palace.
Just four defeats followed in the remaining 14 matches and Rangers finished the season in 13th place.
His first full season in charge saw Warnock achieve promotion to the Premier League, as he guided the Hoops to the Championship title with 24 wins from 46 league matches, to end their 15 year absence from the top flight.
Despite the success speculation surrounded the manager in the summer, with names including Marcelo Lippi and Claudio Ranieri both linked with the role.
When vice-chairman Amit Bhatia then left the club in May more rumours circulated before new owner Tony Fernandes took charge and assured Warnock of his future.