Sacked: Warnock has paid the price for QPR's poor form
Neil Warnock has been sacked as Queens Park Rangers boss.
The 63-year-old was under mounting pressure to halt the decline at Loftus Road as fears grow over being sucked into the relegation dogfight.
Former Fulham and Manchester City manager Mark Hughes is the early frontrunner to take over.
Owner Tony Fernandes said on his Twitter account on Sunday night: 'Very very hard decision. I will continue to be open and as transparent as I can. The board and myself had to put the club first and the future.
'Trust me in my 47 years of life I have never had to make such a tough decision.
'But I got to do what I think what's right. Its tough being a leader. But decisions have to be made for the club which in the short time I have grown to love ever so much.'
Assistant manager Mick Jones and Keith Curle have also left the club.
Warnock said: 'Obviously I'm very disappointed, but having achieved so much, I leave the club with a great sense of pride.
'I have enjoyed my time here more than anywhere else and the QPR fans have been brilliant with me - they deserve success.
'My biggest regret is that the takeover didn't happen earlier, because that would have given me the opportunity to bring in the targets I'd pinpointed all last summer and probably given us a better chance to succeed in the Premier League.
Difficult time: QPR have had a tough few weeks and have slipped to fourth bottom of the Premier League
'The board at QPR are hugely ambitious and I wish them every success for the future.
'I've been involved in the game a long time and I will be spending the immediate future with my family and friends before deciding my next career move.'
Chairman Fernandes added in the statement: 'This decision has been made in the best interests of the club and I can assure everyone that this is not a decision that was made lightly.
'Sadly, our recent run of poor form has seen us slip alarmingly down the table and the board felt it was the right time to make a change.
'Neil has acted with honesty, professionalism and integrity throughout his time at the club, and I would personally like to thank him for his significant contribution to QPR over the last 22 months.
'I genuinely wish him all the very best for the future and he will always be welcome back at Loftus Road.'
Next in line? Mark Hughes is believed to be the front runner for the job at QPR
Vice-Chairman Amit Bhatia added: 'It is with a very heavy heart that we make this announcement. I played a key role in bringing Neil to Loftus Road and consider him to be a close personal friend and a great professional.
'I would like to place on the record my thanks to him for transforming us from a Championship club to a Premier League club.
'As a club we have gained enormously from Neil's wisdom, experience and leadership. He has always performed his managerial duties to the very highest of standards.
'I wish Neil every success going forward and he will always be welcome at QPR. I now look forward to the future and the rest of the season as we work towards stabilising our position in the Premier League.'
Joey Barton reacted to the news on Twitter, saying: 'Gutted to hear about the manager losing his job. We have to stick together as a club at times like these and believe in those above.'
QPR sit just one point above the drop zone after taking just 17 points from their opening 20 Barclays Premier League matches. They have lost six and drawn two of their last eight league matches.
Loan star: Federico Macheda is the only arrival so far in January
Owner Tony Fernandes is keen to invest news players during the transfer window and earlier this week denied that Warnock was on his way out.
But the manager's position was increasingly unstable as the club faced some critical decisions.
Fernandes was worried over the quality of the signings made towards the end of the summer transfer window.
On Twitter last week, Fernandes wrote: 'Guys at qpr. There is no freeze of cash. We are disappointed where we are in the league. This is a journey not a sprint. Along the way we learn. But we continue to develop and along the way hard decisions need to be made. But we never stop moving. Never.
'It’s important to note that no one’s job is safe. Results are key. If I don’t deliver I would be the first to step down as chairman. We owe it to the fans. Good money is paid and results are key.'
Decision time: Owner Tony Fernandes opted to sack Warnock to try and help QPR climb up the table
After Saturday's FA Cup draw at League One side MK Dons, he tweeted: 'Driving back to London. Lots to think about.'
QPR have already signed Federico Macheda on loan from Manchester United, and have lined up bids for Blackburn defender Chris Samba, Fulham striker Andy Johnson, Manchester Cit centre-back Nedum Onuoha and Spurs’ Jermain Defoe.
Former Fulham boss Hughes is the believed to be in the frame to take over at Loftus Road.
Hughes has been out of work since he walked out on Fulham in the summer and would be available to take over straight away and QPR would not have to pay any compensation.
Hughes has plenty of Premier League experience with Blackburn, Manchester City and Fulham, and has stated his desire in the past to work for an ambitious club.
Heading back to the big time: Mark Hughes is set to be new QPR boss
Mark Hughes arrived at Loftus Road for talks on Monday afternoon as QPR moved quickly to find Neil Warnock's replacement.
Warnock was sacked as boss on Sunday evening following an indifferent start to the season in which the top-flight newcomers have picked up just five wins from their 20 matches and lie 17th in the standings.
Hughes emerged as the bookmakers' favourite to replace Warnock after chief executive Philip Beard revealed the club want to have a new boss for the weekend match against Newcastle.
Hughes was partnered by advisor Kia Joorabchian.
It is understood owner Tony Fernandes will lead the talks, despite announcing on Monday he was due to fly out to China for a vital business meeting regarding his AirAsia airline.