Frank Lampard managed a 3-1 FA Cup fourth-round victory over Luton Town on Sunday but the Blues haven't been convincing in the league this season.
Chelsea are currently sitting eighth in the Premier League standings having lost five of their last eight games, including a dismal 2-0 reversal at Leicester City last week.
Just so you know, Abramovich has never released a statement after axing a manager. But Abramovich had to pay a tribute to a club legend after he sacked him.
He revealed that although a tough decision had to be taken, he still enjoys the full respect of the board.
“This was a very difficult decision for the club, not least because I have an excellent personal relationship with Frank and I have the utmost respect for him," the Russian billionaire's statement on Chelsea's official website reads.
"He is a man of great integrity and has the highest of work ethics. However, under current circumstances, we believe it is best to change managers."
Chelsea are currently linked to Thomas Tuchel who is currently available after he was sacked as manager of Paris Saint-Germain last year December.
According to Goal, Tuchel could be appointed as the manager earlier this week as Chelsea have contacted the coach.
Meanwhile, Chelsea's next Premier League fixture comes up on Wednesday night when they face Wolverhampton at home.
Abramovich further appreciated Frank Lampard on behalf of the club, wishing the best.
Abramovich added: "On behalf of everyone at the club, the board and personally, I would like to thank Frank for his work as head coach and wish him every success in the future.
"He is an important icon of this great club and his status here remains undiminished. He will always be warmly welcomed back at Stamford Bridge.”
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