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Liverpool have sacked manager Brendan Rodgers with immediate effect.
The Reds drew with Everton on Sunday to leave them 10th in the Premier League and six points off the top spot.
"Although this has been a difficult decision, we believe it provides us with the best opportunity for success on the pitch," said a club statement.
"The search for a new manager is underway and we hope to make an appointment in a decisive and timely manner."
Carlo Ancelotti, Frank de Boer and Jurgen Klopp have each been linked with the Liverpool job in recent weeks as the club have made an inconsistent start to the season.
Rodgers, who took over in June 2012, led Liverpool to second place in the 2013-14 campaign, when they led the title race with three games to go but lost out to Manchester City.
The Northern Irishman was told of the decision by Liverpool chief executive Ian Ayre and was informed within an hour of Sunday's game at Merseyside rivals Everton.
In a joint Fenway Sports Group statement, principal owner John W Henry, chairman Tom Werner and president Mike Gordon said: "We would like to place on record our sincere thanks to Brendan Rodgers for the significant contribution he has made to the club and express our gratitude for his hard work and commitment.
"All of us have experienced some wonderful moments with Brendan as manager and we are confident he will enjoy a long career in the game."
"Ambition and winning are at the heart of what we want to bring to Liverpool and we believe this change gives us the best opportunity to deliver it."
Rodgers spoke of a "constant rebuilding" job at the club following his last game in charge, and he also highlighted the impact of losing "four real catalysts" of his side.
Jamie Carragher, Luis Suarez, Raheem Sterling and Steven Gerrard have left Liverpool during Rodgers's time at the club.
More to follow.
The Reds drew with Everton on Sunday to leave them 10th in the Premier League and six points off the top spot.
"Although this has been a difficult decision, we believe it provides us with the best opportunity for success on the pitch," said a club statement.
"The search for a new manager is underway and we hope to make an appointment in a decisive and timely manner."
Carlo Ancelotti, Frank de Boer and Jurgen Klopp have each been linked with the Liverpool job in recent weeks as the club have made an inconsistent start to the season.
Rodgers, who took over in June 2012, led Liverpool to second place in the 2013-14 campaign, when they led the title race with three games to go but lost out to Manchester City.
The Northern Irishman was told of the decision by Liverpool chief executive Ian Ayre and was informed within an hour of Sunday's game at Merseyside rivals Everton.
In a joint Fenway Sports Group statement, principal owner John W Henry, chairman Tom Werner and president Mike Gordon said: "We would like to place on record our sincere thanks to Brendan Rodgers for the significant contribution he has made to the club and express our gratitude for his hard work and commitment.
"All of us have experienced some wonderful moments with Brendan as manager and we are confident he will enjoy a long career in the game."
"Ambition and winning are at the heart of what we want to bring to Liverpool and we believe this change gives us the best opportunity to deliver it."
Rodgers spoke of a "constant rebuilding" job at the club following his last game in charge, and he also highlighted the impact of losing "four real catalysts" of his side.
Jamie Carragher, Luis Suarez, Raheem Sterling and Steven Gerrard have left Liverpool during Rodgers's time at the club.
More to follow.
