Everton sacked their coach Ronald Koeman on Monday after suffering a humiliating 5-2 thrashing by Arsenal at Goodison Park on Sunday.
Koeman who was hired in 2015, became the third Premier League managerial casualty of the season.
The 54-year-old Dutchman — who guided Everton to seventh in his first season in charge last term — paid the price for a desperate start to the campaign despite having spent £140million ($185mn) in the close season.
Sunday’s 5-2 humbling at home to Arsenal which saw them drop into the bottom three sealed his fate and despite taking training on Monday he received a visit from club chairman Bill Kenwright.
“Everton Football Club can confirm that Ronald Koeman has left the Club,” read the Everton statement.
“Chairman Bill Kenwright, the Board of Directors and Major Shareholder Farhad Moshiri would all like to express their gratitude to Ronald for the service he has given to the Club over the past 16 months and for guiding the Club to seventh place in last season’s Premier League.”
Koeman, who arrived at Goodison Park after a successful spell in charge of Southampton, splashed the money on the likes of Icelandic international Gylfi Sigurdsson in the summer.
Sigurdsson is yet to display the sort of form that got Koeman to convince the board to pay out a club record £45million to prise him away form Swansea.
Others such as Dutchman Davy Klaassen — who cost £23.6million from Ajax — have also disappointed with Koeman taking him off at half-time of their Europa League defeat by Lyon last Thursday.
However, despite also persuading former golden boy Wayne Rooney to return from Manchester United he crucially failed to replace record goalscorer Romelu Lukaku with Arsenal’s Olivier Giroud declining the chance to join them.
The early favourite to replace Koeman is former Everton manager David Moyes who has tasted little success since he departed the Merseyside club in 2013.
Others in the frame include David Unsworth who has impressed as Everton’s Under-23 coach — though he may be more of a short term option while they look for a permanent replacement — Burnley’s Sean Dyche as well as former Real Madrid and Chelsea handler Carlo Ancelotti.
Koeman joins compatriot Frank de Boer — sacked by Crystal Palace after just four Premier League games — and Craig Shakespeare dismissed by Leicester last week as top level managers to have departed this season.