Harry Redknapp resigned as manager of struggling Queens Park Rangers on Tuesday with the 67-year-old citing knee problems as his reason for stepping down.
The Premier League's oldest manager, Redknapp said impending surgery meant he could no longer give the job 100 per cent.
Former QPR and England striker Les Ferdinand and Chris Ramsey are to take temporary charge.
Redknapp, who has enjoyed a colourful managerial career at West Ham United, Portsmouth, Southampton and Tottenham Hotspur, took over at QPR in November 2012.
After relegation, the London-born former West Ham player took QPR back up in his first full season in charge but they have toiled this season, losing all 11 away league matches -- a Premier League record.
Redknapp's hopes of strengthening his squad were dashed by a quiet transfer window and whoever takes charge will have the job of steering QPR out of the relegation zone.
They are second from bottom with 19 points from 23 games.
"Sadly I need immediate surgery on my knee which is going to stop me from doing my job in the coming weeks," Redknapp said.
"It means I won't be able to be out on the training pitch every day and if I can't give 100 percent I feel it's better for someone else to take over the reins."
Bookmakers William Hill, who were caught cold by a sudden rush of bets on Redknapp resigning, have made former Tottenham Hotspur boss Tim Sherwood odds-on favourite to become QPR's next permanent manager.
Glenn Hoddle, who is part of Redknapp's coaching staff, is second favourite.
Redknapp was under pressure earlier in the season as results went against him but he always said he had a close relationship with club chairman Tony Fernandes.
"I would like to take this opportunity to thank Harry for everything he has done for QPR during his time in charge," Fernandes said in a statement.
"We part on good terms and I would personally like to wish him all the best for the future."
Although Redknapp's resume is not packed with silverware -- an FA Cup triumph with Portsmouth being his only major honour -- he has been one of the country's most respected coaches and was a contender for the England manager's job while in charge at Tottenham.
He was credited for turning Gareth Bale into a marauding forward at Spurs and taking the club into the Champions League for the first time in 2010-11.
During his time at Tottenham he was cleared of tax evasion charges dating back to his time in charge at Portsmouth.
