Manchester United on Tuesday sacked manager David Moyes after a disastrous 10-month spell that left the world-famous Premier League club in turmoil.

The English giants followed the stunning announcement by naming veteran midfielder Ryan Giggs as interim manager.

Moyes, 50, succeeded Alex Ferguson at the Old Trafford helm last July, but the season quickly became a nightmare as the team slumped to a series of embarrassing defeats.

After feverish speculation, United confirmed the sacking in a brief statement.

"Manchester United announces that David Moyes has left the club," it said.

"The club would like to place on record its thanks for the hard work, honesty and integrity he brought to the role."

A second statement added that the 40-year-old Giggs, "the club's most decorated player, will assume responsibility for the first team until a permanent appointment can be made".

United's players reported for training as usual on Tuesday beneath an intense media spotlight, but the club said that no further comment would be made "on this process until it is concluded".

Experienced Dutch coach Louis van Gaal emerged as the British bookmakers' favourite to succeed Moyes on a permanent basis.

The 62-year-old, whose previous clubs include Ajax, Barcelona and Bayern Munich, recently expressed a desire to work in England. His contract as manager of the Netherlands expires after this year's World Cup in Brazil.

However, Jurgen Klopp of Borussia Dortmund, another rumoured contender, ruled himself out of the running.

Klopp told The Guardian newspaper: "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."

Moyes signed a six-year contract in place of Ferguson, British football's most successful manager, who reigned at United for 26 and a half years.

The sacking came a year to the day after United had secured their 20th English title as a send-off to Ferguson, who hand-picked Moyes to succeed him.

Moyes has endured a torrid season, with United slumping to seventh place in the league table and being eliminated from both domestic cup competitions and the Champions League.

His last game in charge was Sunday's 2-0 loss at his former club Everton, which confirmed that United will not compete in the Champions League next season for the first time since 1995.

The 11th defeat of the league campaign left United 13 points below the Champions League qualifying places and 23 points behind leaders Liverpool.

In addition, Moyes's two major signings, Marouane Fellaini and Juan Mata, have struggled to make an impact.

As a result, United's American owners, the Glazer family, reportedly felt uneasy about the prospect of handing him the funds needed to rebuild the squad during the forthcoming close season.

Giggs, United's record appearance-maker, was informed of his appointment after arriving at United's Carrington training ground near Manchester.

His first game in charge will be a league fixture at home to Norwich City on Saturday.

Giggs made his United debut in March 1991 and has made 962 appearances for the club, winning 13 Premier League titles, two Champions Leagues, four FA Cups, three League Cups and one FIFA Club World Cup.

He has no previous managerial experience, but has combined his role as a player with a position on United's coaching staff since the start of the current campaign.

Investors reacted favourably to news of Moyes's departure, with shares in the club up 2.71 percent on the New York Stock Exchange, trading at their highest level since Ferguson's retirement in May 2013.

Meanwhile, Real Madrid manager Carlo Ancelotti expressed shock at Moyes's dismissal.

"I was a little surprised because Manchester United don't have that custom of sacking managers," the Italian said.

"In another club it would be completely normal, but after so many years with Sir Alex, it is a little surprising."

However, Bayern Munich coach Pep Guardiola, once touted as a potential successor to Ferguson, said that it merely reflected the cut-throat world of modern management.

"It is nothing new," said the Spaniard, whose side eliminated United in the Champions League quarter-finals.

"For the past five, 10, 15 years at the big clubs, if you lose, you are out on the street."

After initially backing Moyes, United's fans turned on him as results worsened in the second part of the season, with one group even hiring a plane to fly over Old Trafford calling for him to be sacked.

"I don't think there will be many United fans who are too upset by the decision," said Andy Mitten, editor of the fanzine 'United We Stand'.

"They know he is a good man, a good football manager, but he wasn't the right manager for Manchester United."