Alan Pardew has been fired as Palace manager.
It follows a terrible 2016 where the Eagles managed just six league wins all year, despite reaching the FA Cup final.
Pardew leaves Palace 17th in the Premier League having been manager for just under two years.
A statement on the club's official website said that Palace had "asked Alan Pardew to step down as Manager of the Club".
Club Chairman Steve 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.
"With games now coming thick and fast over the holiday period the Club are hoping to put someone in place as quickly as possible but have nothing to say about a replacement at this time."
Pardew being sacked has surprised i thought if they did not get 4 points over Xmas he would be gone !— Simon Jordan (@Sjopinion10) December 22, 2016
Pardew added: "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.
"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.
I feel pardew was falling out with the owners by some of the comments he made so maybe he knew his time was coming to a end— Clinton Morrison (@morrisonclinton) December 22, 2016
"There will be no further comment at the present time."
Sam Allardyce is favourite to repalce Pardew as Palace boss.