Barry Ferguson has left Alloa after nine months with the League One club.
Ferguson joined the Wasps in the summer following their relegation from the Championship, having led Kelty Hearts to the Lowland League title and SPFL promotion.
But the move hasn't worked out for either party with the club winning just one of their last eleven matches.
They are third bottom of League One, and just a point above second bottom Peterhead.
Wasps chairman Mike Mulraney was positive about the former Rangers captain following his departure from the club.
He said: “I have huge respect for Barry and appreciate the effort he has given the club this season, whilst I share Barry’s disappointment in our performances over the last few weeks I have nothing but praise for his endeavour and commitment to the club in his time with us.
"His professionalism and dedication has been a credit to him and he leaves with our best wishes and thanks.”
