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Megson, 50, was axed after his side squandered a two-goal lead in Tuesday's 2-2 draw with Hull at the Reebok Stadium.
That result left Bolton languishing in the relegation zone, although the third bottom team do have two games in hand on the sides directly above them.
The final straw for Bolton chairperson Phil Gartside came during the Hull match when the club's fans turned on Megson after he substituted striker Ivan Klasnic with Wanderers leading 2-1.
Hull went on to equalise and Bolton fans unveiled banners proclaiming "Megson out" at full-time.
A club statement read: "The decision has been taken in the light of the position the club finds itself in the Premier League at the halfway point of the season.
"Assistant manager Chris Evans and first-team coach Steve Wigley will take charge of first-team matters for the interim period."
Although Megson saved Bolton from relegation when he took over from Sammy Lee in October 2007, the club's supporters have never warmed to him because of his negative tactics.
Megson even admitted after the Hull match that he knew he would never be loved by Bolton fans.
"There are probably 10 other clubs around the relegation zone this year and I'll bet there's no other team who have to play in similar circumstances," he said.
"Do I think I'll ever be given a fair crack of the whip here? No."
Megson leaves the Reebok after losing 45 of his 99 games in charge of Wanderers.
