Sam Allardyce has agreed to terminate his contract as England manager, the Football Association have confirmed.
It has been less than 24 hours since The Telegraph released footage of Allardyce meeting with reporters posing as businessmen looking to profit from third-party ownership of Premier League players.
The 61-year-old accepted £400,000 to help a fictitious Far East consortium circumnavigate Premier League regulations in order to take a cut from its billion-pound transfer market.
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Footage also shows Allardyce criticising the FA for their "ridiculous" rules and making fun of Roy Hodgson's speech impediment.
The former West Ham, Blackburn and Bolton manager has been holding talks with senior officials for much of Tuesday and it is believed he accepted that his position had become untenable.
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So far, Rio Ferdinand and Alan Shearer are the two biggest former England players to speak out about the decision and neither of them held back.
Shearer wrote on Twitter: "Still stunned. Staggering misjudgment by Sam. I thought post Euros @England had hit an all-time low but this has to be rock bottom."
Ferdinand, speaking on BT Sport, said: "The rest of the football community are laughing at us. It has become comical, the England manager's role.
"He was the most passionate about getting the job but he has backed the FA into a corner."
Gareth Southgate has been placed in temporary charge and will oversee England's next four games between October and November before a long-term replacement is found. He will oversee three World Cup qualifiers (Malta, Slovenia, Scotland) and a friendly against Spain.
An FA statement read:
Allardyce's conduct, as reported today, was inappropriate of the England manager. He accepts he made a significant error of judgement and has apologised. However, due to the serious nature of his actions, The FA and Allardyce have mutually agreed to terminate his contract with immediate effect.
This is not a decision that was taken lightly but The FA's priority is to protect the wider interests of the game and maintain the highest standards of conduct in football. The manager of the England men's senior team is a position which must demonstrate strong leadership and show respect for the integrity of the game at all times.
Gareth Southgate will take charge of the men's senior team for the next four matches against Malta, Slovenia, Scotland and Spain whilst The FA begins its search for the new England manager.
The FA wishes Sam well in the future.
Chief executive Martin Glenn also appeared on a television screen to explain the decision. You can see it embedded below:
Several reliable sources claim Allardyce has been left devastated and heartbroken by the situation but agreed he could no longer stay in what he considered to be his dream job. There is no statement from the man himself and nothing is expected in the near future.