Former Northern Ireland boss Sanchez has paid the price for the club´s poor start in the Barclays Premier League this season when the Cottagers have won just twice in the league and are 18th, with 13 points from 17 games.
A club statement read: "Following a run of disappointing results, the club is languishing in the relegation zone of the Premier League table - and losing its Premier League status is a proposition that simply can not be contemplated at this stage in the club´s ongoing development. The club is confident that it will find the right replacement to increase its chances of remaining in the Premier League, which is of vital importance."
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