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Ray Lewington and Billy McKinlay have taken temporary charge of first-team affairs and have just 24 hours to prepare the side for a potentially crucial encounter with Wigan on Saturday.

John Collins is the obvious candidate to replace the Northern Irishman, having resigned as Hibernian boss on Thursday.

The former Craven Cottage favourite has also been linked with the vacant Scotland job, but the timing of his and Sanchez's departure would strongly suggest he will return to south-west London.

However, Collins insisted he had not spoken to Fulham, saying: "I can clarify that is not the case. Obviously people are going to put two and two together but no, there has been no contact. It would be disrespectful to the manager."

A Fulham statement said: "Following a run of disappointing results the Club is languishing in the relegation zone of the Premier League table, and losing its Premiership status is a proposition that simply can not be contemplated at this stage in the Club's on-going development.

"The Club is confident that it will find the right replacement to increase its chances of remaining in the Premiership, which is of vital importance.

"The Club would like to thank Lawrie for helping the Club through a difficult period at the end of last season, and thank him for his service over the last eight months."

Sanchez was in charge for eight months and just 24 matches, but came in for heavy criticism for his summer signings, which included numerous Northern Ireland internationals such as David Healy, Steven Davis, Chris Baird and Aaron Hughes.

Fulham have won just twice in 17 Premier League matches this season, and have repeatedly thrown away points by conceding late goals.

Sanchez's final game was a 1-0 defeat at home to Newcastle which was settled by a 92nd-minute Joey Barton penalty.

The former Wimbledon player was given the job permanently after saving the club from relegation last season, having taken over from Chris Coleman in a caretaker capacity.

Sanchez is the seventh Premier League manager to resign or be sacked this season, after Jose Mourinho, Martin Jol, Chris Hutchings, Sammy Lee, Billy Davies and Steve Bruce.

Alex Chick / Eurosport