The Pitmen are one of the most heavily-financed clubs in non-league football despite playing four levels before the EFL.
Such is the ambition at the club that National League South managerial legend King relocated to the Midlands having been handed a lucrative contract by the club's owners.
However, his reign has been brought to an abrupt end despite Hednesford preparing to face Gainsborough Trinity in the FA Cup first round on Saturday afternoon.
Earlier this month, King masterminded a famous performance in their fourth-round qualifying round replay against National League club Gateshead, the visitors prevailing 3-1 in the North-East.
Over the past nine days, though, Hednesford have collected just one point at home to Hanley Town and Atherton Collieries, who at the time were the bottom two teams in the Northern League West.
What have Hednesford said?
In a statement, Hednesford announced: "Following a breakdown in the relationship between first team manager Steve King and the board of the club, Steve's contract has been terminated with immediate effect.
"An interim management team, featuring Martin Hunter - whose coaching background includes Southampton, Bradford, Norwich, and Watford - alongside Junior Lewis and head of youth development Andy Turner, will oversee first-team responsibilities until further notice.
"The club's priority is to uphold its principles of integrity and professionalism in all matters."
King leaves Keys Park with a record of 12 wins, seven draws and five defeats from his 23 matches in charge. Hednesford currently sit in 16th position in the Northern League West with several matches in hand.
Who is Martin Hunter?
Hunter has spent time as manager of England Under-19s and Southampton reserves manager, as well as being the technical director at Southampton between 2014 and 2018.
He also had one game in caretaker charge of Norwich City during 2006-07 campaign, guiding the Canaries to a 3-3 draw with Queens Park Rangers in the Championship.