League Two outfit Notts County are insistent the departure of manager Ian McParland was for "footballing reasons."
McParland was dismissed despite County lying fifth in League Two, just four points behind leaders Bournemouth and are unbeaten at home.
A statement from executive chairman Peter Trembling on the club's official website read: "Everyone at the football club is genuinely sorry to part company with Ian.
"We are all aware of the commitment and service he has given to the club, both as a player and a manager.
"It is an inescapable fact that the hopes and ambitions of the football club have been totally transformed in the past few months.
"Up until this summer the club's principal objectives had been financial survival and maintaining its status in the Football League.
"Now we have a five-year project to deliver sustainable success to the club and our focus is to reach the Championship and beyond.
"Ian has been manager of the football club for the past two years and during that time his passion and commitment has never been in doubt.
"However, as a board of directors, for footballing reasons we felt a need to make a change to the current situation."
Speculation is already rife regarding McParland's successor, with the likes of Sven-Goran Eriksson, Roberto Mancini, David Platt and Alan Curbishley among those linked with the post.
Trembling's statement continued: "Appointing a new football manager is arguably one of the single most important decisions that a football club can take, regardless of whether they are in the Premier League or in non-league football.
"Our next appointment is going to be extremely vital to the project we are endeavouring to deliver here.
"We fully understand and appreciate there will be considerable debate about the identity of the new appointment.
"What I can say is that we will take the appropriate amount of time to ensure we make the right appointment. This will be done to our own time schedule.
"As we would all expect, our director of football Sven-Goran Eriksson will be responsible for this appointment.
"It is our intention to announce within the next 24 hours who we will be appointing as caretaker manager to prepare the team for Saturday's game against Rotherham.
"Beyond that we cannot make any further comment at this stage."