The experienced midfielder, who counts Stamford and Quorn among his former clubs, agreed to take charge of the EVO-STIK NPL First Division South strugglers a few hours after the departure of Hallcro on Wednesday.
Former Grantham Town and Belper Town boss Hallcro left by "mutual consent" following his second from bottom side's 2-1 defeat at Kidsgrove Athletic on Saturday, their seventh in a row and 15th in their last 16 league games.
After becoming the sixth occupant of Dynamo's dugout last season in March, Hallcro steered Dynamo to safety after a relegation battle.
Dynamo thanked Hallcro for his efforts in a statement on their website setting a deadline of Monday 19 December for potential successors to apply for the newly vacant post.
The club statement read: “Wayne Hallcro has left his post as manager of Loughborough Dynamo by mutual consent. Wayne joined Dynamo late last season and steered Dynamo to safety after a relegation battle. The directors of Loughborough Dynamo wish to thank Wayne for all his work for the club and send him all good wishes for the future.”
Potential candidates should send their footballing CVs to club secretary Brian Pugh at: brian.pugh1@btinternet.com.
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