Andre Villas-Boas departs Spurs
Andre Villas-Boas has left Tottenham in the wake of their 5-0 home defeat to Liverpool.
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The club said the decision was "by mutual consent" although after Villas-Boas said he would fight on following Sunday's loss, the move will be widely seen as a sacking.
A statement from the club on Monday morning read: "The club can announce that agreement has been reached with head coach, Andre Villas-Boas, for the termination of his services.
"The decision was by mutual consent and in the interests of all parties.
"We wish Andre well for the future.
"We shall make a further announcement in due course."
The Portuguese leaves with the White Hart Lane club seventh in the Premier League table, eight points off top spot and five outside the top four.
Villas-Boas, who replaced Harry Redknapp as Spurs manager in the summer of 2012, spent more than £100million in the summer transfer window, much of which was recouped by the sale of Gareth Bale to Real Madrid.
Despite plenty of talent being added to the squad, Spurs suffered a heavy 6-0 defeat at Manchester City last month and on Sunday were beaten 5-0 at home by Liverpool, a side considered serious rivals to them in terms of a top-four spot.
The search will now begin for another new manager for the North London club.
Former England boss Fabio Capello was immediately installed as Sky Bet's 4/1 favourite for the post after he was pictured at yesterday's game.
The bookmaker's other early contenders include Swansea chief Michael Laudrup, Guus Hiddink, Tim Sherwood and ex-boss Glenn Hoddle.
Villas-Boas had insisted on Sunday that he would not quit.
The 36-year-old said: "The call to make that decision is not mine, because obviously I won't resign and I'm not a quitter.
"The only thing I can do is work hard with the players to get them back on track.
"This is a top-four squad but in our Premier League form we are not there.''
Villas-Boas did lead Spurs into the last 32 of the Europa League - they won all six group games - and they are also through to this week's Capital One Cup quarter-finals. They host West Ham on Wednesday.
However, Premier League results have proved decisive with the Spurs board clearly unhappy that they are not closer to the top of the table.
Tottenham confirmed their former midfielder Sherwood will lead an interim coaching team.
In a short statement, Tottenham said: "The club can announce that Tim Sherwood, Chris Ramsey and Les Ferdinand will take charge of the first team whilst the club progresses discussions. Steffen Freund and Tony Parks continue as part of the coaching staff.
"Jose Mario Rocha, Luis Martins and Daniel Sousa leave the coaching staff and we wish them well for the future."
Andre Villas-Boas factfile:
1977: Born in Porto on October 17.
1993: Invited to work as a trainee with FC Porto's youth-team coaches by manager Sir Bobby Robson.
1994: Achieves UEFA C coaching licence in Scotland.
2000: Takes charge of the British Virgin Islands for two international matches. Both end in defeat.
2002: Becomes part of Jose Mourinho's backroom staff at Porto.
2004: Follows Mourinho to Chelsea, where he works as an opposition scout.
2008: Moves with Mourinho to Inter Milan.
2009: Appointed manager of Academica in October, with the club bottom of the table and without a win. Villas-Boas guides them to an 11th-place finish and a Portuguese League Cup semi-final.
2010: June 2 - Appointed manager of boyhood club Porto.
August 7 - Wins Portuguese Supercup with 2-0 victory over Benfica.
2011: April 3 - Leads Porto to their 25th league title, finishing with their biggest ever winning margin of 21 points.
May 18 - Porto win the Europa League with a 1-0 triumph over fellow Portuguese side Braga.
May 22 - Guides Porto to a trophy treble with a comprehensive 6-2 win over Vitoria de Guimaraes in Portuguese Cup final.
June 21 - Porto confirm Villas-Boas has tendered his resignation and his contract will be terminated once his 15million euros release clause has been paid. Porto later announce they have received the required compensation, with Chelsea releasing a short statement confirming their interest in Villas-Boas and their intention to agree personal terms in the near future.
June 22 - Appointed Chelsea manager on a three-year contract.
June 30 - Wins first piece of silverware as Chelsea manager, taking the Barclays Asia Trophy.
2012: February 21 - Leaves Ashley Cole, Frank Lampard and Michael Essien out of the team as Chelsea fall to a 3-1 defeat in their first leg Champions League tie with Napoli. Chelsea now have a record of one win in the last seven games and the manager is under pressure at the club from fans and players alike with Ashley Cole in particular criticising his tactics.
March 4 - Sacked by Chelsea a day after a 1-0 defeat at West Brom.
July 3 - Confirmed as Tottenham's new head coach.
August 18 - Loses first competitive game in charge of Tottenham, 2-1 to Newcastle.
September 29 - Guides Tottenham to their first win at Old Trafford in 23 years, beating Manchester United 3-2.
November 17 - Sees his Spurs side squander a lead to lose a dramatic North London derby 5-2 to Arsenal.
2013: May 19 - Tottenham win their final game of the season, 1-0 against Sunderland, to reach 72 points but they miss out on the Champions League as Arsenal beat Newcastle 1-0. It is the largest points haul not to qualify for the Champions League in Premier League history.
August 16 - Reveals he turned down offers from Paris St Germain and Real Madrid to remain at Tottenham.
September 1 - Real Madrid announce the signing of Tottenham's Gareth Bale in a deal worth a reported 100 million euros. Tottenham use that money to sign a wealth of players led by Roberto Soldado, Christian Eriksen, Erik Lamela and Paulinho, with many believing the squad is stronger despite the loss of its star player.
Oct 6 - After a strong start, a 3-0 home defeat to West Ham raises the first questions over Tottenham's strengths as they struggle to score goals.
Nov 24 - Tottenham suffer a humiliating 6-0 thrashing away to Manchester City.
Dec 12 - A convincing 4-1 victory over Anzhi Makhachkala sees Tottenham advance in the Europa League and appears to ease concerns over their attacking potency.
Dec 15 - A 5-0 home defeat to Liverpool increases the pressure on Villas-Boas.
Dec 16 - Villas-Boas departs Tottenham after the club reach an agreement to terminate his services.