Nottingham Forest sack manager Billy Davies
Billy Davies watches Derby County play Newcastle at Pride Park, Derby on September 17, 2007, when he was Derby manager - by Lindsey Parnaby
The Scot's second spell in charge of the Midlands side came following a poor run of results and a reported breakdown in his relationship with the club's owner, Fawaz Al Hasawi.
Saturday's 5-0 defeat by arch-rivals Derby County saw Forest's run without a win extended to eight matches -- a sequence which saw the club knocked out of the FA Cup by third-tier Sheffield United and drop out of the Championship play-off places as they try to return to the Premier League.
"Nottingham Forest Football Club have confirmed the termination of manager Billy Davies' employment," said a statement on the club's website posted Monday.
"The club thank Mr Davies for his efforts during his second spell as manager since his re-appointment in February 2013 and wish him well for the future.
"Nottingham Forest will make a further announcement in due course."
British media reports on Monday linked veteran English manager Neil Warnock with the vacancy at the City Ground.
The 65-year-old has been out of management since leaving fellow Championship side Leeds in April last year.
Davies returned to Forest in February 2013, having twice taken the team to the Championship play-offs in his first spell in charge before falling out of favour with then-owner Nigel Doughty.
Forest enjoyed remarkable success under the late Brian Clough, being crowned champions of England in 1978 and winning back-to-back European Cups in 1979 and 1980.
But the celebrated English manager's final season in charge saw Forest relegated from the Premier League in 1993.
They were back among the elite from 1999 to 2004 but dropped down to third-tier League One before being promoted to the Championship in 2008.