QPR have announced that Ian Holloway has left the club with immediate effect.
The manager had been in the hotseat at Loftus Road for the past 18 months and guided the club to a 16th place finish in the Championship table this season.
In a statement on the club’s official website, QPR CEO Lee Hoos, “We are hugely grateful to Ian for his incredible efforts during his time with us.
“He joined us at a critical stage as we looked to reduce the wage bill, bring in younger talent and remain competitive on the pitch.
“That is no easy task and it was down to his desire, love for the club and hard work that he achieved those goals.”
This was Holloway’s second spell in charge of the West London club after he managed QPR between 2001 and 2006.
The 55-year-old has won promotion to the Premier League on two separate occasions, with Blackpool in 2010 and Crystal Palace in 2013.
Rumors have linked Steve McClaren with the managerial job at Loftus Road in recent days.