Sam Allardyce has left as England football manager after being caught in a newspaper sting.
Details of his departure are expected to be confirmed later, with England under-21 manager Gareth Southgate stepping in as interim boss.
Allardyce, 61, said in a statement: "Further to recent events, The FA and I have mutually agreed to part company.
"It was a great honour for me to be appointed back in July and I am deeply disappointed at this outcome.
"This afternoon, I met with Greg Clarke and Martin Glenn and offered a sincere and wholehearted apology for my actions.
"Although it was made clear during the recorded conversations that any proposed arrangements would need The FA's full approval, I recognise I made some comments which have caused embarrassment.
"As part of today's meeting, I was asked to clarify what I said and the context in which the conversations took place. I have co-operated fully in this regard.
"I also regret my comments with regard to other individuals."
Allardyce's departure follows showdown talks with Mr Clarke and Mr Glen, the FA's chairman and chief executive, at Wembley.
Shortly after taking over the national side on 22 July, Allardyce met a group of people who he believed were representatives of a Far East firm.
However, the "businessmen" turned out to be undercover reporters carrying out a Daily Telegraph investigation.
They recorded footage which appears to show him telling the reporters it was possible to get around FA rules - enforced since 2008 - that stop third parties "owning" football players' economic rights.
The practice was also banned by world governing body FIFA in May 2015.
When asked about the rules, Allardyce was filmed on a hidden camera saying: "It's not a problem."
He told the reporters that an unnamed group had been "doing it for years" and "you can still get around it".
The newspaper claims a deal was struck with him worth £400,000.
In a statement the Football Association described Allardyce's behaviour as "inappropriate".
The statement read: "The FA can confirm that Sam Allardyce has left his position as England manager.
"Allardyce's conduct, as reported today, was inappropriate of the England manager.
"He accepts he made a significant error of judgement and has apologised.
"However, due to the serious nature of his actions, The FA and Allardyce have mutually agreed to terminate his contract with immediate effect.
"This is not a decision that was taken lightly but The FA's priority is to protect the wider interests of the game and maintain the highest standards of conduct in football."
The statement added: "Gareth Southgate will take charge of the men's senior team for the next four matches against Malta, Slovenia, Scotland and Spain whilst The FA begins its search for the new England manager."
Allardyce was in charge of England for just one game, a World Cup qualifier away to Slovakia.
They won 1-0 thanks to a late goal from Adam Lallana, giving 'Big Sam' a 100% record in charge of the national team.
When he took over from Roy Hodgson in July, Allardyce described being England manager as his "dream" job.
Before England he enjoyed successful spells at a number of Premier League clubs including West Ham and Sunderland.
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