It's the news we've all been expecting since rumours emerged on Monday about David Moyes's Manchester United future - the current Premier League champions have announced that the Scotsman's short time at Old Trafford has come to an end.

The former Everton boss was labelled the 'Chosen One' after Sir Alex Ferguson played a role in getting Moyes appointed as his successor once he decided to retire from his post at Old Trafford last summer. However, it went from bad to worse for Moyes, whose side has suffered 14 defeats in all competitions this season.

It seems that the final straw for United's owners, the Glazer family, was Sunday's 2-0 defeat to Everton at Goodison Park. The result confirmed that United could not mathematically qualify for the Champions League as they currently reside seventh in the table, 13 points adrift of fourth and 23 points behind leaders Liverpool.

United made the announcement via their official Twitter page, which read:

Sky Sports News are reporting that the club's decision is purely down to results on the pitch, but some have suggested that there could have been concerns over Moyes's ability to spend a heavy transfer budget, thought to be in the region of £200m this summer.

During the two transfer windows that Moyes was in charge at United, he only brought in two high-profile signings - Marouane Fellaini from Everton for around £27m in the summer, and Juan Mata, who arrived at Old Trafford from Chelsea for a club-record fee of £37.1m.

Reports from the Press Association have emerged claiming that player-coach Ryan Giggs will take charge of first-team matters until the end of the season. United have three games left to play, all of which are at home against Norwich City, Sunderland and Hull City.

Former United captain Gary Neville has been reacting to the news by telling Sky Sports News: "I don't like the way it's been handled, it could have been dealt with a lot better.

"There's no disguising the football and results have been poor. As a fan I've not enjoyed watching it. Players have to take massive responsibility. Never once did I blame the manager in my career."

After United's defeat to Moyes's former club Everton on Sunday, the Scotsman conceded that this season has been poor.

He said: "I think that everybody knows we are on track to make changes and do some different things. We are rebuilding. I understand it has not been good, I recognise it has not been good and it needs to be better."

Reports have claimed that United assistant Steve Round and first-team coach Jimmy Lumsden have also left their posts at Old Trafford. As of right now, Phil Neville's coaching future at the club remains unclear. The ex-player left Everton alongside Moyes last summer after deciding to hang up his boots.

This is the first time since November 6, 1986 that United have sacked a manager. Is this a sign of the times now? Who will come in next? Netherlands boss Louis van Gaal, Borussia Dortmund manager Jurgen Klopp and Atletico Madrid's Diego Simeone have been touted as potential replacements.

The players began arriving at United's Carrington training base shortly after the news filtered through. Although, it may not be much of a shock to some, if certain reports are to be believed. It has been claimed that a number of players already knew that Moyes was going to be given the chop before Sunday's defeat to Everton.

Editor of Manchester United fanzine United We Stand Andy Mitten believes that the majority of fans will be content with the club's decision.

He told BBC News: "I don't think there will be many United fans who are too upset by the decision. They know he is a good man, a good football manager, but he wasn't the right manager for Manchester United."

In Moyes's 10 months in charge at United, the Scotsman oversaw 51 matches, won 27, drew nine and lost 15. The club also broke some unwanted records. In January, we had a look at United's stats here.

Ex-United player Dwight Yorke has given his views on Moyes's exit by telling Sky Sports News: "Results certainly haven't gone David Moyes's way. I think there was a lot of expectation, but I don't think what we envisaged was the type of performances and results that we've been getting. I think it all adds up."

As we've mentioned, Jurgen Kloop has been tipped as a potential replacement, but according to The Telegraph, United are not planning on trying to lure the Dortmund boss to the Premier League.

The newspaper also reports that goalkeeping coach Chris Woods is expected to stay on at Old Trafford until the end of the season at least.

We mentioned earlier that the future of Phil Neville remains unclear, but according to BBC Sport, he will be kept on by United chiefs, along with Woods, until the close of the campaign.

Giggs is expected to take interim charge, but there is yet to be official confirmation from the club. Interestingly, the United veteran is said to have fallen out with Moyes over the course of the season. All parties denied the rumours, but recent reports have claimed that the Scotsman lost the dressing room, which contributed to his demise.

As previously stated, United reportedly have no plans to pursue Jurgen Klopp, who has ruled himself out of the running for the job.

The Dortmund boss told The Guardian: "Man United is a great club and I feel very familiar with their wonderful fans, but my commitment to Borussia Dortmund and the people is not breakable."

Former footballer Robbie Savage has had his say on the decision, which he believes is the correct one from United.

He told BBC Sport: "I think it is right decision. What you can't legislate for is the champions being seventh. If they were third or fourth an playing attractive football you could argue to give him more time."

So, with Jurgen Klopp publicly pledging his future to Borussia Dortmund, who could be next in the Old Trafford hotseat? Netherlands boss Louis van Gaal appears to be the bookies' favourite at this stage. Before United confirmed the dismissal of Moyes, reports emerged claiming that the Dutchman is United's number one choice. The man himself has publicly stated that he wants to manage in the Premier League, but Tottenham Hotspur are also said to be vying for his services.

Next to share his views on Sky Sports News is former Liverpool defender Jamie Carragher:

"It was going to be difficult to see Moyes going into next season. It was inevitable after the news come out. It's been disappointing the way that it came out."

Carragher continued: "Some of the players have let him down, but that's football. We haven't been watching what you would call a typical Manchester United team all season. It's difficult to say that he didn't have the personnel because they were the champions last season. It was always going to be difficult, whoever came in, but it's been a disastrous season in all competitions.

And finally from Carragher, who has tipped Moyes to get another job soon: "He will come back as a manager - he may even go abroad. Managers have been sacked at different clubs and bounced back and so will David Moyes."

As expected, Giggs has been confirmed as United's interim manager.

Another short statement on the club's official website read: "Following the departure of David Moyes as manager, Manchester United has announced that Ryan Giggs, the club's most decorated player, will assume responsibility for the first team until a permanent appointment can be made. The club will make no further comment on this process until it is concluded."

Former Man United winger Keith Gillespie has had his say on Twitter:

Going back to that statement on Giggs, the wording of it is interesting. We expected that he would be in charge just until the end of the season and that may end up being the case. However, the line "until a permanent appointment can be made" could suggest that the 40-year-old is going to be given the chance to prove that he can do the job. We shall see.

Robbie Savage has never been shy to give his opinion and talking to BBC Sport, he has issued a warning to whoever the new manager will be:

"If United don't spend £100m-£150m in the summer then I'm afraid they will be in the same position next season because that squad at present is not good enough."

It will be interesting to see how much Giggs plays himself between now and the end of the season, largely because he hasn't scored in the Premier League this season. Perhaps on the final day at Southampton he will be goal hanging to try to keep that record going!

Someone has some positive words about Moyes:

More Twitter reaction, this time from Giuseppe Rossi - although Giggs hasn't officially retired just yet!

That just about brings an end to our coverage on what has been a dramatic morning at Manchester United. The 20-time champions of England are on the lookout for a new manager, with club legend Ryan Giggs currently in interim charge. Thank you for joining us over the last couple of hours - until next time, goodbye.