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After a poor run of form left the team in ninth position in the Premier League, Lampard has been given the boot less than two years into his stint and is expected to be replaced by former Borussia Dortmund and Paris Saint-Germain manager Thomas Tuchel.
The sacking was confirmed on Monday morning and Lampard, Chelsea's all-time record goalscorer, took to Instagram to issue a classy statement.
The former England midfielder thanked fans for their "incredible support" and expressed his pride over the way he was able to integrate academy players into the first-team .
Despite extending his appreciation to owner Roman Abramovich for the opportunity, he could not hide his disappointment "not to have had the time this season to take the club forward and bring it to the next level."
"It has been a privilege and an honour to to manage Chelsea, a club that has been part of my life for so long," Lampard wrote.
"Firstly, I would like to thank the fans for the incredible support that I have received over the last 18 months. I hope they know what it means to me.
"When I took on this role I understood the challenges that lay ahead in a difficult time for the football club.
"I am proud of the achievements that we made, and I am proud of the academy players that have made their step into the first team and performed so well. They are the future of the club.
"I am disappointed not to have had the time this season to take the club forward and bring it to the next level.
"I want to thank Mr Abramovich, the board, the players, the coaching team and everyone at the club for their hard work and dedication, especially in these unprecedented and challenging times.
"I wish the team and the club every success for the future."
Lampard's final game in charge was a 3-1 FA Cup fourth round win over Luton Town.
Following his dismissal, according to reports, he was not even allowed to go to the club's Cobham training ground to say his goodbyes to players and staff.
Lampard has the worst points-per-match record of all the Chelsea managers to have worked under Abramovich and becomes the 14th managerial casualty of the Russian billionaire's tenure.
Gary Neville called soon-to-be new boss Tuchel a "great addition" to the Premier Leaguebut expects him to be without a job in 18 months such is Chelsea's lack of patience with coaches.
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