Wolves have launched their search to find a replacement for sacked manager Mick McCarthy and have not ruled out an interim replacement until the end of the season.

McCarthy's five-and-a-half year reign at Molineux was ended on Monday morning by chief executive Jez Moxey in a training-ground meeting, with Wolves having slid into the bottom three of the Barclays Premier League. Sunday's 5-1 home hammering by local rivals West Brom was the final straw.

But Wolves' previous alarming sequence of results since early-season optimism faded - just 14 points from the previous possible 66 - was the over-riding concern for club owner Steve Morgan and Moxey. Morgan told Sky Sports News: "I'm afraid the board thought we had little or no choice."

He added: "Mick and I have had several conversations in recent weeks. Mick's a good guy and the decision was taken extremely regretfully but results have not been good enough this season. Wolves has historically been one of the great clubs in English football. Hanging around the bottom few places and relegation is not what this club is about.

"We need to pick ourselves up and be aiming up the league and hopefully that's what the new man will take us forward with. We have ambitions and fighting relegation is not one of those ambitions.

"It came with a heavy heart because everybody likes Mick and he's been a great servant to the club, and we wish him all the best."

Moxey explained the new manager has to adjust to the workings of the midlands club.

He said: "The person who joins us has got to understand what club he is joining. He needs to understand us. We are not the sort of club who has a manager we are working for. The manager has to work for the football club, has to understand how the club works.

"We are a very good club, financially in a good place, stable, got a good stadium, a brilliant training ground. But this is not a situation where a manager will come in with an open chequebook and be able to buy his way to success. He will have to do it the way this club is run, sensibly, prudently, and we understand that is a difficult ask to find that character.'"

The likes of Alan Curbishley, Steve Bruce and Neil Warnock have emerged as early favourites with various bookmakers.