Liverpool sacked manager Brendan Rodgers after three and a half years in charge.
He was dismissed after Sunday’s 1-1 draw at Everton, which left the Reds 10th in the Premier League, but the decision was made before the game.
“Although this has been a difficult decision, we believe it provides us with the best opportunity for success on the pitch,” read a club statement.
Carlo Ancelotti and Jurgen Klopp are the frontrunners to replace Rodgers.
Former Chelsea and Real Madrid manager Ancelotti, ex-Borussia Dortmund manager Klopp – both of whom are out of work – and Ajax boss Frank de Boer have been linked with the Liverpool job in recent weeks.
“The search for a new manager is under way and we hope to make an appointment in a decisive and timely manner,” added the statement.
Liverpool have won only four of their 11 games in all competitions this season, including victory on penalties against League Two Carlisle at home in the Capital One Cup.
Northern Irishman Rodgers, who took over in June 2012, led Liverpool to second place in the Premier League in 2013-14 – were top of the table with three games remaining, before losing out to Manchester City.
His departure came on the day when Sunderland boss Dick Advocaat resigned.
Speaking on the issue, Arsene Wenger says he is saddened by Liverpool’s decision to sack “quality manager” Brendan Rodgers.
He said: “I’m always sad when that happens. I think he’s a quality manager and unfortunately the pressure is always bigger on the managers, and to resist the disappointments more difficult.
“I think what he had done at Liverpool…he was very unlucky not to win the Premier League. He was the closest certainly of all the managers working for the club, but that’s the way it goes now.
“I wish him good luck. I’m sure he will find a job again.”
