The former Chelsea midfielder was drafted in to replace Maurizio Sarri, who departed to join Juventus, ahead of the 2019-2020 season.
With the departure of superstar Eden Hazard and a transfer embargo from FIFA, Lampard was forced to work with a paucity of talent.
Lampard integrated the squad with academy players and steered Chelsea to a fourth-place finish and reached the FA Cup final, where they lost to London rivals Arsenal.
The former Derby County manager was financially backed before the start of this campaign, spending over €200 million on the likes of Ben Chilwell, Timo Werner, Kai Havertz, Hakim Ziyech, Edouard Mendy.
After a fairly good start to the Premier League campaign where Chelsea flattered to deceive as title contenders by mounting a 17-game unbeaten run in all competitions, things have gone south in recent weeks.
Chelsea have won only two matches in their last eight league games and currently sit ninth on the table, eleven points behind leaders Manchester United and four points behind Liverpool who occupy the fourth spot.
In a statement released by the English side on Monday, owner Roman Abramovich revealed it was a ‘very difficult’ decision to sack Lampard and that he will always remain an 'important icon' at Stamford Bridge.
In a statement, Abramovich said: "This was a very difficult decision for the Club, not least because I have an excellent personal relationship with Frank and I have the utmost respect for him.
"He is a man of great integrity and has the highest of work ethics. However, under current circumstances we believe it is best to change managers.
"On behalf of everyone at the Club, the Board and personally, I would like to thank Frank for his work as Head Coach and wish him every success in the future.
“He is an important icon of this great club and his status here remains undiminished. He will always be warmly welcomed back at Stamford Bridge."
