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Glenn Hoddle has resigned as manager of Wolves after 18 months in charge.
Former England boss Hoddle took over at Molineux in December 2004 but failed to guide Wolves into the promotion picture last season.
Hoddle felt Wolves' ambition failed to match his after they announced stringent financial cutbacks.
Hoddle said: "I feel my expectations and the club's have drifted too far apart and this decision has been made early for the benefit of the club."
Wolves chief executive Jex Moxey asked Hoddle to reconsider his decision.
Moxey told Wolves' website: "I had an unexpected call from Glenn Hoddle and he told me he was resigning with immediate effect.
"I asked him to reconsider but he said his mind was made up. However, he did agree to meet with me on Monday and we will issue a further statement in due course."
Former Southampton manager Hoddle took over from caretaker boss Stuart Gray, his former coach at Saints.
Gray had succeeded Dave Jones, who Hoddle had ironically followed into the hotseat at The Dell.
During his first half-season Hoddle took Wolves to ninth as they flirted with the Championship play-offs.
Last season Wolves were expected to figure in the promotion picture, but they finished seventh, eight points behind Crystal Palace.
Wolves' Premiership parachute payments ended at the end of last season, forcing them to sell central defender Joleon Lescott to Everton, while several other first-team players have yet to sign new deals.
Following a glittering playing career, Hoddle launched into management with Swindon in April 1991, guiding them into the Premiership.
He left the Robins to join Chelsea in June 1993, and after three years at Stamford Bridge he was appointed as England coach.
Hoddle guided England to the last 16 in the World Cup in France 1998, but after controversially leaving the job in 1999, Southampton gave him a route back into management.
Former England boss Hoddle took over at Molineux in December 2004 but failed to guide Wolves into the promotion picture last season.
Hoddle felt Wolves' ambition failed to match his after they announced stringent financial cutbacks.
Hoddle said: "I feel my expectations and the club's have drifted too far apart and this decision has been made early for the benefit of the club."
Wolves chief executive Jex Moxey asked Hoddle to reconsider his decision.
Moxey told Wolves' website: "I had an unexpected call from Glenn Hoddle and he told me he was resigning with immediate effect.
"I asked him to reconsider but he said his mind was made up. However, he did agree to meet with me on Monday and we will issue a further statement in due course."
Former Southampton manager Hoddle took over from caretaker boss Stuart Gray, his former coach at Saints.
Gray had succeeded Dave Jones, who Hoddle had ironically followed into the hotseat at The Dell.
During his first half-season Hoddle took Wolves to ninth as they flirted with the Championship play-offs.
Last season Wolves were expected to figure in the promotion picture, but they finished seventh, eight points behind Crystal Palace.
Wolves' Premiership parachute payments ended at the end of last season, forcing them to sell central defender Joleon Lescott to Everton, while several other first-team players have yet to sign new deals.
Following a glittering playing career, Hoddle launched into management with Swindon in April 1991, guiding them into the Premiership.
He left the Robins to join Chelsea in June 1993, and after three years at Stamford Bridge he was appointed as England coach.
Hoddle guided England to the last 16 in the World Cup in France 1998, but after controversially leaving the job in 1999, Southampton gave him a route back into management.
I'm shocked. After he survived the end of the season I thought he'd stay on for next season. Who next for Wolves then?