Everton have sacked manager Ronald Koeman after Sunday's 5-2 home defeat by Arsenal left them in the Premier League relegation zone.
A statement said the club "would like to express their gratitude to Ronald for the service he has given to the club over the past 16 months".
The Toffees are 18th in the Premier League and have won just two of their nine league games this season.
Koeman became the third Premier League managerial casualty of the season after Frank de Boer left Crystal Palace and Craig Shakespeare was sacked by Leicester.
The 54-year-old Dutchman, who guided Everton to seventh place in his first season in charge last term, paid the price for a poor start to this season despite having spent £140m in the summer.
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.