The team is currently bottom of the table with just two points from their opening 10 games, eight points from safety.
Pereira's dismissal follows a 3-0 defeat at Fulham and comes despite him signing a new three-year contract in September.
While Pereira successfully steered Wolves away from relegation last season, the club stated that "results and performances this term have fallen below acceptable standards."
Under-21 head coach James Collins and Under-18 head coach Richard Walker will take interim charge while the club seeks a new first-team head coach.