Chelsea sacked Jose Mourinho on Thursday, with the Portuguese finally seeing his time run out at Stamford Bridge.
It has been understood that the announcement was made to the Portuguese manager during a meeting with Chelsea owner Roman Abramovich as well as the club's board of directors today.
Also, BBC sports editor Dan Roan has said that the 'Happy One', who took over Chelsea for a second stint as the manager in the summer of 2013, won't be paid a Â£40 million compensation, which was a part of his contract. However, it is believed that Mourinho will be paid until the end of this season, believed to be around Â£10m.
An official statement from the club stated that the Portuguese manager was leaving the team on "good terms".
"All at Chelsea thank Jose for his immense contribution since he returned as manager in the summer of 2013," the statement from the club said.
"His three league titles, FA Cup, Community Shield and three League Cup wins over two spells make him the most successful manager in our 110-year history. But both Jose and the board agreed results have not been good enough this season and believe it is in the best interests of both parties to go our separate ways.
"The club wishes to make clear Jose leaves us on good terms and will always remain a much-loved, respected and significant figure at Chelsea."
It was only seven months back that the former Real Madrid manager guided the Blues to a Premier League title. Nevertheless, the shockingly poor start by Chelsea to their season has taken all the sheen off.
The Blues are 16th in the Premier League with just 15 points from their first 15 matches, a point above the relegation zone. Their latest result turned out to be a 2-1 defeat against leaders Leicester City at the King Power Stadium on Monday.
Guus Hiddink is the favourite to take over on an interim basis, according to The Guardian, while Pep Guardiola, Antonio Conte and Diego Simeone have been lined up as possible candidates for next summer.