Watford have chose to part ways with head coach Walter Mazzarri at the end of the season.
Former Napoli and Inter Milan chief Mazzarri has won 11 of his 37 league matches in charge of Watford, guaranteeing a third straight season of top-flight football.
After much speculation regarding his future, including a Daily Mail story that the Watford squad were planning to revolt if the Italian remained at the club, Watford chairman Scott Duxbury has released a statement confirming Mazzarri's departure.
Watford, who now sit 16th in the table, face Manchester City at home on the final day of the season.
The team finished 13th a season ago, their first campaign back in the Premier League since relegation in 2007. There had nearly developed a stand off with Mazzarri and club legend Troy Deeney who found himself dropped from the starting line-up on a regular basis.
The decision to terminate Mazzarri's two-year deal was taken on Monday night, after the 4-3 defeat at Chelsea, and the process of shortlisting for his replacement began the following day, with no appointment believed to be imminent.
But having spent well in excess of £40m in transfer fees the previous summer, the Watford owners were probably hoping for a better return than their current 16th place.
Sanchez Flores' reward for leading Watford to Premier League safety and an FA Cup semi-final was to be sacked after one season, while Jokanovic was axed after less than a year, despite masterminding the Hornets' promotion from the Championship.
Hull manager Marco Silva (4/1) is another name to be linked with the post and in turn become Watford's ninth manager in just five years.
The Italian's future had been up in the air for some time, but now after his 41th game on Sunday - at home to Man City - he'll be buzzing out of the Vicarage road exit door.
Since the Pozzo family from Italy bought the club in 2012, Watford has had a vast turnover of players - many on loan - and hired seven managers.