Coleman has come under severe pressure as his side have suffered an seven-game winless streak in the Barclays Premiership to leave them hovering just four points above the relegation zone with five games left to play.

Assistant manager Steve Kean has also been sacked as part of the restructure, while Sanchez is brought in after consultation between the Cottagers and Irish Football Association president Jim Boyce.

A statement released on the club's website www.fulhamfc.com read: "Chris Coleman has provided a fantastic service during his 10 years at the club and it is disappointing that the club has no alternative but to part company.

"As a team and organisation, Fulham Football Club has goals to attain and success to achieve and by no means can this be compromised."

A 3-1 home defeat at the hands of fellow strugglers Manchester City on Easter Monday was followed by calls for his head from many supporters at Craven Cottage.

Former Wales international Coleman took charge of Fulham in April 2003 following the departure of Jean Tigana.

He first joined the Cottagers as a player in 1997 in a £2million move from Blackburn, but injuries suffered in an horrific car crash in 2001 led to his retirement less then two years later.

Coleman guided the London club to 12th-place in the Premiership last year and they once again looked set for a comfortable mid-table finish before their recent loss of form.

Sanchez's appointment as caretaker manager for the remainder of the season follows a successful three-year spell in charge of Northern Ireland.

During that time the province have defeated the likes of Spain, Sweden and, most famously, England at Windsor Park in September 2005.

In December that year the Irish FA gave permission for Sanchez to talk to Portsmouth following the departure of Alain Perrin, but the job eventually went to Harry Redknapp.

In 2006, the former Wycombe manager - who famously scored the winner for Wimbledon in their FA Cup final win over Liverpool in 1988 - hinted he may be willing to step down from his role as national team manager due to "the level and ferocity of the criticism from certain sections of the media" in Northern Ireland.

However, since then Sanchez has guided the traditional minnows to the top of their Euro 2008 qualifying group, ahead of Spain, Sweden and Denmark, among others.