Eriksson (right) is not thought to be in contention to replace McParland
Notts County have parted company with boss Ian McParland despite lying in fifth place in League Two.
The former County winger, 48, had been in charge for almost two years having been appointed in October 2007.
But speculation about his future has been rife since the summer takeover by Middle East consortium Munto Finance.
County director of football Sven-Goran Eriksson, who is not being lined up to succeed McParland, will be responsible for appointing the club's new manager.
"We have a five-year project to deliver sustainable success to the club and our focus is to reach the Championship and beyond," said County executive chairman Peter Trembling, referring to the club's ambitious plans to reach the Premier League.
"We will take the appropriate amount of time to ensure we make the right appointment," added Trembling. "This will be done to our own time schedule.
"As you would expect, Sven-Goran Eriksson will be responsible for this appointment."
Mystery surrounds who is actually behind Switzerland-based Munto Finance with Trembling, former commercial director at Everton, fronting the consortium of investors.
The Football League is still investigating the ownership structure at Meadow Lane, although the club say they are confident the takeover will be ratified.
Trembling had recently stated that McParland's position was under review.
And although the big-spending Magpies are only four points adrift of leaders Bournemouth, they have lost three games on their travels this term and Sunday's disappointing 2-2 home draw with lowly Torquay was the last straw.
The team were booed off the pitch after surrendering a two-goal lead.
Former Notts defender Dean Yates told BBC Radio Nottingham that he almost expected McParland, known to all at Meadow Lane as Charlie, to leave the club, admitting: "It's not a surprise.
"I feel sorry for Charlie. From the start of the season he has been under immense pressure.
"He has made some fantastic signings, we're fifth in the league and ticking along but expectations from the new owners and supporters are very high.
"We've made our best start to a season for a long time but unfortunately that's not seen as good enough.
"In the first 45 minutes of Sunday's game, the football was great but games last 90 minutes and the second half was just not good enough for the new regime."
McParland spent eight years as a player at Meadow Lane from 1980-89 scoring 90 goals in 267 appearances.
He took over as manager on 18 October 2007, in succession to Steve Thompson - but departs just short of his two-year anniversary as boss.
Following the takeover, McParland signed several high-profile players in the summer including former England centre-back Sol Campbell, who was a free agent, and goalkeeper Kasper Schmeichel from Premier League side Manchester City.
But Campbell quit the club last month after playing only one game.
Former Leicester boss Peter Taylor and ex-Nottingham Forest manager David Platt have both been linked with the vacancy at Meadow Lane.
Meanwhile Eriksson, the former England and Mexico manager, has been linked with a return to Sweden as national coach following their disastrous World Cup qualifying campaign under Lars Lagerback.
To qualify, Sweden must win or draw their final Group One game at home against Albania and hope Portugal lose heavily at home to Malta, who have drawn one and lost eight of their qualifying games, on Wednesday just to reach the play-offs.
Lagerback is expected to quit, if, as looks likely, Sweden fail to reach next year's World Cup in South Africa.
Eriksson has stated before that he would like to manage Sweden, although he refused to answer questions about the position following County's 2-2 draw with Torquay on Saturday.
However, his right-hand man Tord Grip told the Daily Mail: "I don't know if he has a clause in his contract, but I'm sure he would be interested.
"Then we'll see if it is the right time, but, at the moment, I don't know. We must wait to see what happens."
The Swedish FA said: "The national team's qualification campaign still has a match remaining and a shortlist has not yet been drawn up."
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