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Roy Keane has left his job as Ipswich manager after 20 months at Portman Road, BBC Sport understands.
The club have suffered seven losses in nine games and the 1-0 defeat by Nottingham Forest on Monday left the club 19th in the Championship table.
Ipswich, backed by multi-millionaire Marcus Evans, have invested £8m on players during Keane's reign.
The 39-year-old Irishman led Town to the semi-final of the Carling Cup where they will play Arsenal.
The first leg of their last four clash against the Gunners is due to take place at Portman Road on Wednesday, 12 January, although the new manager, if appointed in time, will first have to contend with an FA Cup third round tie at Chelsea on Sunday.
Speaking after the home defeat by Forest on Monday the former Manchester United and Republic of Ireland midfielder, said: "I'm doing my best and if my best isn't good enough, then I'll take the consequences.
"I don't expect you to be giving me phone calls if I do lose my job. It's the nature of the game."
Former Bradford, Sheffield Wednesday, Wigan and Derby manager Paul Jewell is rumoured to be in contention to take over at the Suffolk side.
Jewell has been out of work since resigning as manager of the Rams, after a 1-0 defeat by Ipswich, at the end of 2008.
Ipswich have called a press conference for 1100 GMT.
Ipswich 0-1 Nottingham Forest
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