(CNN) -- Gary Megson has been relieved of his duties as Bolton manager with immediate effect, the English Premier League club have confirmed.
The 50-year-old leaves the Reebok Stadium with Wanderers 18th out of 20 teams in the league table -- and following a 2-2 home draw against Hull in which Bolton squandered a two-goal advantage.
A club statement read: "The decision has been taken in the light of the position the club finds itself in the Premier League at the halfway point of the season.
"Assistant manager Chris Evans and first-team coach Steve Wigley will take charge of first-team matters for the interim period."
Megson's departure is unlikely to be lamented by Bolton fans. Even though he helped save the club from relegation when he took over after an ill-fated stint by Sammy Lee in 2007, the home faithful never warmed to a man dubbed "the Ginger Mourinho".
Countless times he was forced to deflect attention on himself away from the team, insisting the fan reaction was not having an impact.
But chairman Phil Gartside knew that situation was unsustainable over the long-term and, after tossing away a two-goal lead on Tuesday, has decided to act.
Megson becomes the third Premier League manager to lose his job this season, and the second in a fortnight after Mark Hughes' exit from Manchester City.
However, with Bolton languishing in the bottom three and facing an uphill struggle to avoid a financially disastrous drop into the Championship, Gartside wants to give Megson's replacement an opportunity to exploit whatever bargains may be available during the transfer window.
Meanwhile, Fulham manager Roy Hodgson has agreed a new 12-month rolling contract with the club.
Hodgson has been rewarded for guiding Fulham to seventh place in the Premier League last season -- their highest top-flight finish -- and for a strong start to the current campaign.
"I'm delighted to have committed my future to Fulham for the years to come," said Hodgson.