
Pressure has been building on the Brazilian after a series of poor results - particularly at home - has seen us fall well off the pace in the title race, and the board finally lost patience after Saturday's toothless 0-0 draw with out-of-form Hull City at Stamford Bridge.
A statement issued by the club on Monday afternoon said: "The Chelsea board would like to place on record our gratitude for his time as manager.
"Felipe has brought many positives to the club since he joined and we all feel a sense of sadness that our relationship has ended so soon.
"Unfortunately, the results and performances of the team appeared to be deteriorating at a key time in the season.
"In order to maintain a challenge for the trophies we are still competing for we felt the only option was to make the change now."
The club have already started their search for a replacement, with former Blues player Wilkins appointed as caretaker boss for now.
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