Former Wales international Trollope joined Rovers in 2004 as a player
Bristol Rovers have sacked manager Paul Trollope following their exit from the Johnstone's Paint Trophy on Tuesday night to Exeter City on penalties.
Trollope, 38, has been placed on gardening leave with immediate effect.
Assistant boss Darren Patterson will take on the role of caretaker manager while Rovers search for a replacement.
"We find ourselves in the bottom four, with attendances dropping off rapidly and felt that immediate action was needed," said chairman Nick Higgs.
"We would all like to thank Paul for everything he has done for the club over the last five years.
"He presided over a very successful period for us, and became one of only five managers in the history of the club to secure promotion with Bristol Rovers.
"We now hope to make a prompt appointment to take over the managerial role and get the club moving back in the right direction."
Rovers defender Danny Coles told BBC Radio Bristol: "'I'm a little bit surprised but we've gone out of the cup, it's a results business and we didn't get the results.
"So when you look at it like that, well you've got to make your own assumptions.
"From our point of view it's disappointing but the club have felt it had to make a decision and they've done that.
"He is a young promising manager who I believe will go on to do very well at another club."
Midfielder Trollope began his playing career as a trainee at Swindon before spells with Torquay, Derby, Grimsby, Crystal Palace, Fulham, Coventry and Northampton.
He joined Rovers as a player in 2004 and became first-team coach in December 2005, working alongside director of football Lennie Lawrence, following the departure of Ian Atkins.
In September 2009 he signed a new 12-month rolling contract and took on the title of manager rather than first-team coach.
Trollope's last interview as Rovers boss
One of the major successes in Trollope's reign was guiding Rovers to the Johnstone's Paint Trophy final in 2007.
The former Wales international also achieved promotion to League One via the play-offs in the same year.
However, this season Rovers have won just five out of 19 league games and sit in the drop zone in League One.
Having been dumped out of the FA Cup by Blue Square Bet Premier side Darlington last month, the defeat by Exeter in Tuesday night's southern area semi-final was the final straw for the Rovers board.
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