Chelsea manager Roberto Di Matteo has been sacked following a run of poor form.
The Italian won 24 of his 42 games in charge of the club but, after their 3-0 defeat to Juventus left them in danger of missing out on the knockout stages of the Champions League, Chelsea have decided to end his tenure.
Former Barcelona coach Pep Guardiola and ex-Liverpool manager Rafa Benitez have emerged as the early favourites to replace Di Matteo.
However, Harry Redknapp and former Stamford Bridge boss Jose Mourinho have also been mentioned as contenders for the position.
"The team's recent performances and results have not been good enough and the owner and the Board felt that a change was necessary now to keep the club moving in the right direction as we head into a vitally important part of the season," read a statement on the club website.
"The club faces a difficult task ahead in qualifying for the knockout stages of the UEFA Champions League as well as maintaining a strong challenge for the top of the Premier League while competing in three other cup competitions.
"Our aim is to remain as competitive as possible and challenge strongly on all fronts.
"The owner and the Board would like to thank Roberto for all he has done for the club since taking over in March.
"Roberto helped guide us to an historic Champions League victory and a seventh FA Cup. We will never forget the huge contribution he has made to this club's history and he will always be welcome at Stamford Bridge.
"The club will be making an announcement shortly regarding a new first team manager."
Former Barcelona coach Pep Guardiola and ex-Liverpool manager Rafa Benitez have emerged as the early favourites to replace Di Matteo.
However, Harry Redknapp and former Stamford Bridge boss Jose Mourinho have also been mentioned as contenders for the position.
"The team's recent performances and results have not been good enough and the owner and the Board felt that a change was necessary now to keep the club moving in the right direction as we head into a vitally important part of the season," read a statement on the club website.
"The club faces a difficult task ahead in qualifying for the knockout stages of the UEFA Champions League as well as maintaining a strong challenge for the top of the Premier League while competing in three other cup competitions.
"Our aim is to remain as competitive as possible and challenge strongly on all fronts.
"The owner and the Board would like to thank Roberto for all he has done for the club since taking over in March.
"Roberto helped guide us to an historic Champions League victory and a seventh FA Cup. We will never forget the huge contribution he has made to this club's history and he will always be welcome at Stamford Bridge.
"The club will be making an announcement shortly regarding a new first team manager."
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