WOLVES have announced of Julen the departure Lopetegui, with Gary O'Neil the favourite to swiftly replace him as manager.
The Spaniard met with the club's hierarchy yesterday and wanted out after his frustration over their lack of summer spending boiled over.
Ex-Bournemouth boss O'Neil is the leading candidate and has been already been sounded out over taking charge - just days before Wolves start their season at Manchester United on Monday.
O'Neil could consider himself highly unlucky to be sacked by the Cherries this summer after steering them to safety in their first season back in the top flight.
Lopetegui's exit brought to an end what has been growing tension between him and the Wolves board since the tail end of last season.
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