Alan Pardew has been sacked as Crystal Palace manager with the club 17th in the Premier League after a run of one victory in 11 games.
Pardew was appointed on a three-and-a-half-year deal in January 2015 with the club taking just 26 points from the 36 Premier League matches they have played in 2016 and are only one point above the relegation zone.
Former England boss Sam Allardyce is the bookmakers’ favourite to take over.
Chairman Steve Parish told BBC Sport: “We all bought into the decision to play a more expansive style of football. We all believed in it. That hasn’t worked. It’s no-one’s fault. The players have been running their socks off for Alan, the spirit is good.
“But now we’re going to wind the dial back the other way.
“We’re talking to a number of people to make sure we get this right, nothing has been agreed.”
In a statement, Pardew said: “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” added Pardew, who made more than 100 appearances for Palace as a player between 1987 and 1991 and led them to the FA Cup final last season.
Parish, who co-owns the club with American investors Josh Harris and David Blitzer, added: “I’m not going to blame other people [American co-owners]. Relegation is so costly and I feel with no blame attached we got ourselves in a rut and need a change.”
Palace have yet to confirm who will take charge of the team for their league fixture at Watford on Boxing Day.