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Pressure had been mounting on the club's all time top scorer in recent weeks as their form had all but disappeared after going top of the Premier League at the beginning of December.
The loss to Leicester City a week ago seemed to spell the end but Lampard was in charge for the win against Luton Town in the FA Cup at the weekend, but that didn't save his job.
According to the Athletic, the former Derby County manager was called in to a meeting at the club around 8 am on Monday morning, which was 'out of the ordinary' but left Lampard knowing exactly what was to come.
The meeting was taken by director Marina Granovskaia and chairman Bruce Buck, the pair informed the former midfielder of their decision and explained why, with him offering his own opinions.
The Sun report that the 9 am meeting lasted just half an hour and the initial reports about the decision, from the Telegraph's Matt Law, came out whilst it was going on.
Players were told early on Monday that training had been moved from 10.30 am to to 2 pm and that was one of the first things to trigger thoughts the manager was about to lose his job.
Petr Cech spoke to the players about the decision before training in the afternoon and Granovskaia held a meeting with them after training to explain the situation, presumably talking about the incoming appointment of Thomas Tuchel.
Lampard on the other hand was not given the chance to speak to his players and say goodbye. Following the loss to Leicester he had shaken hands with players and 'thanked individuals for their effort,' as per the Athletic report.
The 42-year-old, who put out a statement via the League Managers Association following his sacking, was paid up to the end of the season, believed to be £4 million-a-year, with the third year of his contract an 'option' so compensation for it was not required.
Tuchel is expected to be in charge of the side in time for the game against Wolves on Wednesday night. The Blues sit just five points off a top four spot, a minimum requirement for the team, and 11 off the top of the table.
Lampard arrived back at Chelsea under difficult circumstances and led them back to the Champions League for this season, whilst also reaching the FA Cup.
He may have still turned things around at Stamford Bridge if given time but ultimately he had the worst win ratio of all managers under Abramovich and the Russian isn't one for giving managers any time.