Crystal Palace sacked manager Alan Pardew after a poor run of results that have left the London club 17th in the 20-team Premier League.
The club announced the news in a statement on their website, confirming they had asked Pardew to "step down as manager of the club".
Chairman Steve Parish added: "During his tenure Alan's hard work and dedication were without question, he has improved so many areas of the club and we wish him the very best for the future."
Pardew made more than 100 appearances as a midfielder at Palace between 1987 and 1991 and viewed his managerial role at Selhurst Park as something of a homecoming.
Former England boss Sam Allardyce will now be straight into the running for the vacancy, with Palace chairman Steve Parish admitting the Eagles need a replacement "as quickly as possible".
"I would like to put on record our sincere gratitude for the tremendous service Alan has given us, both in his time here as manager and previously as a player," said Parrish.
"Following a fantastic second half of 2014/15, the 2015/16 season culminated in only narrowly missing out on winning the FA Cup as well as securing our Premier League place for a record-breaking fourth time.
"With games now coming thick and fast over the holiday period the club are hoping to put someone in place as quickly as possible but have nothing to say about a replacement at this time."
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Pardew's position at Palace appeared under threat the moment the American consortium led by Josh Harris and David Blitzer completed their takeover deal in December 2015.
Parish stayed on as club chairman after the change in ownership, but at a reduced shareholding.
While Parish continued to offer staunch support for Pardew even into this term however, results on the field took a tumble.
Pardew was even said to have been one defeat from the sack before pulling a 3-0 home victory over Southampton out of the fire, on December 3.
Now, though, the 55-year-old former Newcastle and West Ham boss finds himself out of work.
"I would just like to take the opportunity to thank everybody at Crystal Palace for their fantastic support," said Pardew in a statement released by the club.
"In particular a big thanks to the players who gave me absolutely everything and Steve Parish and his board.
"Personally I have a lot of good feelings for this football club and am sad that my time there has ended.
"I feel that I have a special bond with the club and hope that hasn't been affected, I wish everybody associated with the club the best of luck in the future including of course the fans who have been magnificent."
