Carlo Ancelotti has parted company with Chelsea after the Blues admitted "this season's performances have fallen short of expectations".
Ancelotti left his post less than two hours after Sunday afternoon's final Premier League game of the season at Everton, which the Blues lost 1-0.
That heralded the end of their worst season since Roman Abramovich bought the club in 2003, with Ancelotti failing to win a trophy in what was his second year at the helm.
The club said in a statement on their official website: "Chelsea Football Club can confirm that Carlo Ancelotti parted company with the club today (Sunday, 22 May).
"The owner and board would like to thank Carlo for his contribution and achievements since taking over as manager in July 2009, which included winning the Double for the first time in the club's history.
"However, this season's performances have fallen short of expectations and the club feels the time is right to make this change ahead of next season's preparations.
"Carlo will always be welcome at Stamford Bridge, where he will be given the reception and respect his position in our history deserves.
"Chelsea's long-term football objectives and ambitions remain unchanged and we will now be concentrating all our efforts on identifying a new manager.
"There will be no further comment until that appointment is made."