Sherwood sacked by Spurs
Tottenham Hotspur have confirmed that manager Tim Sherwood has left the club after just five months in charge.
Sherwood, who took over from Andre Villas-Boas in December, held talks with chairman Daniel Levy on Tuesday before seeing his 18-month contract terminated.
"We appointed Tim mid-season as someone who knew both the players and the club," said Levy.
"We agreed an 18-month contract with a break clause at the end of the season and we have now exercised that option.
"Since appointing Tim as assistant first team coach in 2008 and then as technical co-ordinator in 2010 and head of football development in 2012, we have been supportive of him during football management changes throughout that period.
"On behalf of the club, I should like to state our thanks for all his efforts during his years with us. We wish him great success in his managerial career.
"Moving forward, now the season is over, we shall embark on the process of finding a new head coach. We have a talented squad and exciting young players coming through.
"We need to build on this season, develop our potential and inspire the kind of performances that we associate with our great club."
Mauricio Pochettino is Sky Bet's favourite to be the next permanent manager of Tottenham following Sherwood's departure.
Southampton manager Pochettino faces strong competition from Ajax boss Frank de Boer, who was once favourite for the role, with the Dutchman following in the betting at 2/1.
Other names in the hat include Rafael Benitez at 5/1, while former Manchester United boss David Moyes is available to back at 9/1.
Sky Bet's Head of Football Trading Paul Wiggins said: "It was almost inevitable that Sherwood would leave, so much so that we already had a market open on the potential vacancy.
"De Boer was the initial favourite but Pochettino has been gaining support over the past few days as it looks likely that he'll lose his key players at Southampton.
"We don't foresee Sherwood being out of work for long, with the 45-year-old currently odds-on to be the next Brighton manager and 5/1 to replace Pepe Mel at West Brom."