After less than seven months in charge, Chelsea fired manager Graham Potter in the aftermath of Saturday's 2-0 loss to Aston Villa at home.
Since taking over for Thomas Tuchel at Stamford Bridge on September 8, the Englishman had lost 11 of 31 games.
Chelsea is looking for their third manager of the year after spending more than £550 million on new players.
With their most recent defeat, the Blues are now 12 points far from the top four and in the bottom half of the Premier League.
On March 8, NDC Chairman Johnson Asiedu Nketiah will deliver a speech that is anticipated to be in opposition to the State of the Nation Speech delivered by President Nana Addo Dankwa Akufo-Addo.
Todd Boehly and Behdad Eghbali, the co-controlling owners, declared in a statement: "We have the highest regard for Graham as a coach and as a person.
We are all disappointed with the outcome since he has always acted professionally and honestly with the decision since he has always acted with professionalism and honesty.
Chelsea will play Real Madrid in the first leg of their Champions League quarterfinal on April 12 after hosting Liverpool in the Premier League on Tuesday.
Brendan Rodgers was fired as manager of Leicester earlier on Sunday, making a total of 13 managerial changes in the Premier League so far this year.
The Chelsea owners said, "Together with our fantastic supporters, we will all be supporting Bruno and the club as we concentrate on the remainder of the season."
They still have ten Premier League matches to be played, in addition to a Champions League quarterfinal.
When the Blues were sixth in the top league in September after spending £255 million on signings during the summer, Potter took over for Tuchel, who had won three titles in 20 months at Stamford Bridge.
Owner Boehly spent £288 million in January in yet another extraordinary spending binge.
Enzo Fernandez of Argentina and Mykhailo Mudryk of Ukraine were two of the eight new players that were brought in, but the newcomers have had trouble integrating into the field.
Chelsea quit their "long-term" Potter plan
The removal of Potter marks Chelsea's 17th management change this century, and his tenure as a full-time manager was by far the shortest.
After Potter's appointment, Boehly claimed that the Brighton native suited "our vision" and had "skills and qualities that transcend beyond the field which will make Chelsea a more successful club."
That suggested Chelsea was aiming to adopt a long-term strategy in the dugout following Tuchel's dismissal.
Following a bright start of nine games without a loss, including five straight victories and easy qualifying for the Champions League knockout rounds, everything started to fall apart shortly before the World Cup break.
The downward trend started with a humiliating 4-1 loss at Brighton, was swiftly followed by losses to Arsenal and Newcastle, and ended with a Carabao Cup departure at Manchester City.
After the World Cup break, Chelsea began their season well with a 2-0 victory over Bournemouth. However, that was followed by a draw at Nottingham Forest, two consecutive losses to Manchester City in the league and the FA Cup, a loss to Fulham, and a loss to Fulham before Chelsea defeated Crystal Palace on Sunday.
Following that triumph, the team went on a six-match losing streak across all competitions, but a hopeful three victories and a draw, including advancing to the Champions League quarterfinals, hinted that another challenging phase had finished before March's international break.
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