Manchester United on Tuesday sacked manager David Moyes following a disastrous ten-month spell at the world-famous club, with veteran midfielder Ryan Giggs named as interim manager.
Moyes, 50, succeeded Alex Ferguson at the helm of the Premier League side on July 1 but the move quickly became a fiasco with the team slumping to a series of embarrassing defeats.
After feverish speculation in the British media, United confirmed Moyes's departure in a brief statement.
"Manchester United announces that David Moyes has left the club," United said.
"The club would like to place on record its thanks for the hard work, honesty and integrity he brought to the role."
United later confirmed Giggs would fill in on a caretaker basis.
"Following the departure of David Moyes as manager, Manchester United has announced that Ryan Giggs, the club's most decorated player, will assume responsibility for the first team until a permanent appointment can be made," said another statement.
"The club will make no further comment on this process until it is concluded."
Giggs, Britain's most decorated player and United's record appearance-maker, was informed of the news after arriving at United's Carrington training ground near Manchester on Tuesday morning.
His first game in charge will be a league fixture at home to Norwich City on Saturday.
Giggs, 40, made his United debut in March 1991 and has made 962 appearances for the club, winning 13 Premier League titles, two Champions Leagues, four FA Cups, three League Cups and one FIFA Club World Cup.
He has no previous managerial experience, but has combined his role as a player with a position on United's coaching staff since the start of the current campaign.
Experienced Dutch coach Louis van Gaal has emerged as the British bookmakers' favourite to succeed Moyes on a permanent basis.
The 62-year-old, whose previous clubs include Ajax, Barcelona and Bayern Munich, recently expressed a desire to work in England when his contract as manager of the Netherlands expires after this year's World Cup in Brazil.
However, Jurgen Klopp of Borussia Dortmund, another rumoured contender, has already ruled himself out of the running.