He leaves the Merseyside club in the relegation zone, with only 15 points and 11 Premier League losses this season.
The 44-year-old has since issued a statement on Instagram, expressing his ‘disappointment’ that he was unable to achieve more.
“Coming into Everton last year I knew we were in a tough moment and I will always be proud of the incredible work and support from everyone involved to keep the team in the Premier League last season.”
“When I took on this role I understood the challenges that lay ahead in a difficult time for the football club”.
“I am proud of the achievements that we made, and I am proud of the academy players that have made their step into the first team and performed so well. They are the future of the club,” Lampard wrote.
“Thanks to everybody that played their part as the whole club came together. I will never forget the incredible night against Palace that we shared. I want to thank all Evertonians for the welcome that you gave to myself, my staff, and my family. It truly is a special club with a huge heart, and an incredible history.”
“I’m disappointed that we couldn’t achieve more together and wish all the players and everyone at Everton FC the very best for the future 💙💙.”
The former Chelsea midfielder has now been fired from his job on two occasions after being sacked at Chelsea under the reigns of former owner Abramovich.
Former Burnley manager Sean Dyche remains the club’s favorite to succeed Frank Lampard, with reports claiming he will be appointed on a two-and-a-half year contract and to be announced shortly after the transfer window closes.