A process for preparing a polymerization catalyst useful for the polymerization of olefins is provided comprising contacting a metal dihalide compound wherein the metal is selected from Group 2 and Group 12 of the Periodic Table and a transition metal compound which is a hydrocarbyloxide of a transition metal selected from Group 4 and Group 5 to form a first catalyst component; contacting the first catalyst component with at least one organoaluminum precipitating agent, wherein at least at the commencement of this step, the temperature at which such contacting is carried out is greater than about 70.degree. C. to about 150.degree. C. to form a solid product, and contacting the solid product with an activating agent to form a catalyst. Other aspects of the invention provide a catalyst prepared by the above described method and a polymerization process employing the thus prepared catalyst.