Sam Allardyce's five-and-a-half-month reign at Everton was expected to be brought to an end as early as Wednesday.
Sky Sports News reported the 63-year-old would be informed at a meeting with majority shareholder Farhad Moshiri that his services are no longer required.
The writing has been on the wall for several months despite Allardyce's public protestations to the contrary. The former England manager has failed to win over a large section of the Everton fanbase despite lifting the club from 13th in the Premier League when he took over at the end of November to finish eighth.
Allardyce seemed to accept his fate after the Toffees' final match of the season, a 3-1 defeat by West Ham, on Sunday.
He said: "Contract for next year. Confident? I can't quite say confident after all the rumours I'm reading in the paper. Generally there's no smoke without fire. We'll wait and see when we meet up."
A dismal start to the season under Ronald Koeman had Everton fearing being sucked into a relegation battle but stability and a push towards the Europa League spots did not placate the Everton support after Allardyce was given an 18-month contract.
Former Watford manager Marco Silva is the favourite to take over and could complete the move to Goodison Park six months after the club failed to prise him away from Vicarage Road.
The Hornets refused to let Silva go only to sack him in January, citing the disruption caused by Everton's "unwarranted approach" for a major dip in form.
Shakhtar Donetsk coach Paulo Fonseca has also been linked with Everton as well as West Ham, while Louis van Gaal, Andre Villas-Boas, Sean Dyche and Eddie Howe are other names reportedly in the frame.