Alan Pardew has been sacked by Crystal Palace following eight defeats in 10 Premier League matches, with former England manager Sam Allardyce set to hold talks over replacing him.
Sky sources understand Allardyce's representatives will meet for talks with Palace chairman Steve Parish in the next 24 hours.
It is understood no agreement is in place yet between Parish and Allardyce, although the former England manager has made it clear he is keen to return to football management in the near future.
The 1-0 home loss to Chelsea last Saturday left the Eagles in 17th place in the table, just one point above the relegation zone.
Palace have endured a dismal 2016 in the Premier League, winning just six of their 36 matches, picking up only 26 points.
Pardew, who led Palace to their first FA Cup final in 26 years in May, has been relieved of his duties with 18 months left to run on his contract.
"I would just like to take the opportunity to thank everybody at Crystal Palace for their fantastic support. In particular a big thanks to the players who gave me absolutely everything and Steve Parish and his board," Pardew said in a statement released on the club's website.
"Personally I have a lot of good feelings for this football club and am sad that my time there has ended.
"I feel that I have a special bond with the club and hope that hasn't been affected, I wish everybody associated with the club the best of luck in the future including of course the fans who have been magnificent."
Parish added: "I would like to put on record our sincere gratitude for the tremendous service Alan has given us, both in his time here as manager and previously as a player.
"Following a fantastic second half of 2014/15, the 2015/16 season culminated in only narrowly missing out on winning the FA Cup as well as securing our Premier League place for a record breaking fourth time.
"During his tenure Alan's hard work and dedication were without question, he has improved so many areas of the club and we wish him the very best for the future."
Pardew left Newcastle United in January 2015 to take over at Palace, the club where he spent four years as a player between 1987 and 1991.
He signed a three-and-a-half-year deal to succeed Neil Warnock as manager at Selhurst Park and inspired an immediate turnaround in Palace's fortunes, guiding them away from the relegation danger and to a 10th place finish.
It marked Palace's first top-ten finish in the top flight since 1992, but they were unable to maintain the same league form during the 2015-16 season, ending the campaign in 15th.
Palace did however enjoy more success in the FA Cup and booked their place in the final for the first time since 1990 with a 2-1 success over Watford at Wembley in April.
They were beaten 2-1 in the final by Manchester United - the same side they lost to in the 1990 FA Cup showpiece - despite taking the lead through Jason Puncheon with only 12 minutes remaining.
Pardew also broke the club's transfer record twice during his 18-month reign, firstly on France midfielder Yohan Cabaye (£13m) in the summer of 2015 and then on Belgium forward Christian Benteke (£32.5m) earlier this year.