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Wednesday have won just one league game out of 16 this season and are six points from safety following a 2-0 defeat at Blackpool on Saturday.
That proved Jones' final game in charge, with the club confirming his dismissal on their official website the following day.
"Dave Jones has been relieved of his duties as first-team manager with immediate effect," read a brief statement.
"The club would like to thank Dave for all of his hard work and wish him well for the future."
It is not yet clear who will be handed the reins for Tuesday's meeting against Championship leaders Leicester City.
