Aidy Boothroyd has parted company by 'mutual consent' at Vicarage Road.

Chairman Graham Simpson told the club website: "Both parties feel his tenure at the club is simply at an end.

"It is with some sadness that we have taken the decision, along with Aidy, that the time is right for a new manager to take Watford forward.

"We have mutually decided that a parting of the ways is in the best interests of all concerned."

Promoted to the Premier League in 2006, Watford's form has declined over the past year, despite reaching the play-offs at the end of last season.

Boothroyd signed a new contract after relegation from the top-flight in 2007, with Simpson saying at the time: "I'm thoroughly delighted we have been able to reward and at the same time secure the services of one of the country's brightest and most prodigious talents."

The manager's departure comes as no surprise to some punters, who backed his odds to be the next Championship boss to go, from 14/1 to 6/4 on Monday.

Sky Bet's head of PR Helen Jacob said at the time: "We've taken a flurry of bets on Boothroyd to be the next casualty of the Championship sack race, which suggests there is something afoot.

"With the club suffering financial problems and the Hornets failing to win their last four games, the money for Boothroyd suggests that his departure from the club could be imminent."