Wolverhampton, England – Wolverhampton sacked manager Mick 1 defeat to West Bromwich over the weekend left Wolves in the relegation zone.
The move brings to an end McCarthy's five-and-a-half year stay at Molineux, with Sunday's defeat marking the fourth straight at home for the team.
A club statement read: "Wolves have today announced that manager Mick McCarthy has left the club with immediate effect.
"The board took the difficult decision to terminate Mick's contract after a run of form which has seen Wolves pick up only 14 points in the last 22 league games, after a promising start to the season, culminating in yesterday's 5-1 defeat at home to West Bromwich Albion.
"Terry Connor will take charge of team training in the interim until a new manager is appointed."
With Wolves having already been eliminated from the FA Cup the team will have two weeks until its next match, which comes on Feb. 25 at Newcastle.
McCarthy took charge of the club in 2006 and helped them secure promotion to the Premiership following the 2008-09 season.
Wolves avoided being relegated on the final day of the season last term, but after claiming seven points from its first three games this campaign, the next 22 matches have yielded only 14 points.