Arsenal have announced the sacking of Unai Emery after a run of seven games without a win.
The decision comes as the Gunners sit 8th in the Premier League with 18 points from 13 games, crucially trailing the Champions League places by eight points.
Freddie Ljunberg will take over the club on an interim basis.
A club statement read: "We announce today that the decision has been taken to part company with our head coach Unai Emery and his coaching team.
"Speaking on behalf of the Arsenal board and our owners Kroenke Sports & Entertainment, Josh Kroenke said: “Our most sincere thanks go to Unai and his colleagues who were unrelenting in their efforts to get the club back to competing at the level we all expect and demand. We wish Unai and his team nothing but future success.”
"The decision has been taken due to results and performances not being at the level required.
"We have asked Freddie Ljungberg to take responsibility for the first team as interim head coach. We have full confidence in Freddie to take us forward.
"The search for a new head coach is underway and we will make a further announcement when that process is complete."
Thursday night's 1-2 home loss to Frankfurt in the Europa League was the last straw for the Arsenal board who made their decision after a short meeting on Friday morning.
Arsenal are top of Europa League group D but missed the opportunity to qualify for the tournament's knockout round a game early with the loss on Thursday.
Emery leaves the job at the Emirates having taken over from Arsene Wenger in May 2018 in a bid to alleviate significant supporter unrest at the club's lack of progression.
Despite taking Arsenal to the Europa League final in 2019, the subsequent heavy loss and disjointed recruitment in the summer of that year led to questions over his coaching and communication with players.
Emery leaves having added Arsenal to a CV that also includes Valencia, Paris St-Germain, Sevilla and Spartak Moscow.