Glenn Hoddle has resigned as manager of Wolves.
The former England boss joined Wanderers in December 2004 but, despite an impressive end to that season, failed to steer the Championship club to promotion last term.
Wolves finished eight points off the play-offs in seventh position and, after the parachute payments which followed relegation from the Premiership in 2004 ended, announced they would have to make stringent cutbacks.
Central defender Joleon Lescott has joined Everton, while several other first-team players have left the club or have yet to sign new deals, including veteran midfielder Paul Ince.
And Hoddle revealed the club's pre-season expectations had failed to match his own. In a statement released by his representatives to PA Sport, Hoddle said: 'I wish to announce my decision, with immediate effect, to resign as manager of Wolverhampton Wanderers Football Club.
'It has been a very difficult decision but I feel that my expectations and the club's expectations have drifted too far apart in recent weeks. This decision has been made early in pre-season for the benefit of the club. I would like to take the opportunity of thanking the board, players, staff and fans for their support and efforts and wish everyone connected with Wolverhampton Wanderers every success in the future.'