Lampard was shown the exit door barely a day after he led the Blues to the fifth round of the FA Cup following their 3-1 win over minnows Luton Town.
However, unlike their impressive form in cup competitions, Chelsea's form in the Premier League has been at best horrible having won just three of their last eight matches.
Their disappointing form in recent weeks has seen them slip down the charts to ninth with 29 points from 19 matches, leaving the club hierarchy with no choice but to sack Lampard.
In a statement announcing the manager' sacking, the west London club said the decision was hard to make, but thanked the Englishman for his services during his stint. The statement reads:
"We are grateful to Frank for what he has achieved in his time as Head Coach of the Club."This has been a very difficult decision, and not one that the owner and the Board have taken lightly.
"However, recent results and performances have not met the Club’s expectations, leaving the club mid-table without any clear path to sustained improvement."
Confidence in the team visibly plummeted and the manager was heavily criticised over the situation at the club which dates back to their earlier loss to Manchester City.
Several reports claim that former Paris Saint-Germain manager Thomas Tuchel is poised to replace him.
But Massimiliano Allegri has also been linked, with the Italian, keen on taking a job in the Premier League after learning English over the past two years.
Sunday's win over Luton Town to advance to the fifth round of the FA Cup wasn't enough to save the former midfielder from his job.
This is coming about a month that Sam Allardyce was been appointed as new the new manager of Premier League side West Bromwich Albion.
He took over from Slaven Bilic after recording just one win in 13 matches for the Baggies.
The 66-year-old who has not managed any club since 2018 signed an 18-month contract in a quest to help West Brom survive the drop along with his long time assistant Sammy Lee
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