Mark Hughes has been sacked as manager of QPR following the club's winless start to the Barclays Premier League season.
Hughes' position at Loftus Road had been under increased scrutiny after last weekend's 3-1 home defeat to fellow strugglers Southampton made it 12 league games without a victory at the start of the season.
The Welshman appeared to have been given time to turn around the club's fortunes following a meeting with chief executive Philip Beard earlier this week, but his tenure has now been brought to an end after less than a year in charge.
"Queens Park Rangers Football Club has today (Friday) terminated the contract of manager Mark Hughes with immediate effect," the club announced on their official Twitter feed.
"Mark Bowen and Eddie Niedzwiecki will take charge of the R's trip to Manchester United in the Barclays Premier League on Saturday afternoon."
Hughes' record as QPR boss:
- Overall: P34 W8 D6 L20
- League: P30 W6 D6 L18
- FA Cup: P2 W1 D0 L1
- Capital One Cup: P2 W1 D0 L1
"The club will be making a further announcement in due course."
Rangers then cancelled their pre-match media conference which was scheduled for this afternoon.
Fernandes, who backed Hughes significantly in the transfer market over the summer, had continually taken to Twitter following recent bad results to voice his support for the manager.
But the derision among the crowd at Loftus Road during the 3-1 loss to Southampton suggested Hughes had lost the backing of the majority of Rangers' fans.
Crisis talks were held at the club's Harlington training base on Monday evening but Hughes continued as manager, preparing his side for the tough test at Old Trafford this weekend.
But the decision was taken by the board to end Hughes' tenure as boss with the board aware that any increase in the five-point gap between QPR and Reading in 17th would make it harder to find a new boss to take charge.
Redknapp was this week linked with the vacant manager's job with the Ukrainian national team and is believed to be interested in talking to the country's football association.
That speculation could also have forced Fernandes' hand if he does indeed view the 65-year-old as the solution to QPR's situation.
The club's chief executive Philip Beard was seen talking to the players during today's training session following Hughes' departure.
Former Manchester City boss Hughes oversaw 34 matches as manager at Loftus Road, winning just eight of those fixtures.
He managed to keep the club in the Premier League last season despite a 3-2 defeat at City on the closing day of the campaign, picking up memorable victories over Liverpool, Arsenal and Tottenham along the way.
Marquee signings such as Park Ji-sung, Junior Hoilett, Julio Cesar, Jose Bosingwa and Esteban Granero were brought in before the transfer window closed but Hughes could not bring the best out of his expensive talent.