Former Blues midfielder Lampard enjoyed a good first season in charge at Stamford Bridge, taking the club to the FA Cup final and securing qualification for the Champions League.
But after being given more than £200m to spend on new players in the summer, Chelsea find themselves ninth in the Premier League after 19 games, 11 points behind leaders Manchester United and five points off Liverpool in fourth.
Lampard took the side on a 17-game unbeaten run but away defeats to Everton, Wolves, Arsenal and Leicester and a 3-1 home defeat to Manchester City have cost him his job.
Chelsea owner Roman Abramovich said the decision to sack Lampard was ‘very difficult’ and that he will always remain an ‘important icon’ at the club.
In a statement, Abramovich said: “This was a very difficult decision for the Club, not least because I have an excellent personal relationship with Frank and I have the utmost respect for him.
“He is a man of great integrity and has the highest of work ethics. However, under current circumstances we believe it is best to change managers.
“On behalf of everyone at the Club, the Board and personally, I would like to thank Frank for his work as Head Coach and wish him every success in the future. He is an important icon of this great club and his status here remains undiminished. He will always be warmly welcomed back at Stamford Bridge.”
Source: Sky Sports