"However, we have made the decision that, as part of our longer-term plan, we will be appointing a new manager this summer and will be commencing this process immediately".
Allardyce was appointed last November after the club sacked Ronald Koeman but now he is heading to the exit door in the wake of their Premier League season concluding last Sunday with a 3-1 defeat against West Ham.
The 63-year-old said that he was "disgusted" by the behaviour of the board after they failed to inform him of the imminent changes, and suggested that his own future is likely to be decided during a meeting with club owner Farhad Moshiri today.
He is currently the hot favourite to make his return with Everton, while Shakhtar Donetsk coach Paulo Fonseca is also in the frame, alongside Louis van Gaal, whereas a certain David Moyes is now free....
Wayne Rooney's future at the club was reported to have rested on whether Allardyce would be manager next season.
Sam Allardyce has been sacked by Everton after guiding the club to an eighth-placed finish.
Allardyce last month dismissed a survey sent to supporters asking them to grade his performance out of 10 as a mistake on the part of the club's marketing director, who he said does not "understand" how football works.
The Toffees announced a major restructure of their board on Tuesday, as Barrett-Baxendale replaced Robert Elstone as chief executive.
The statement released by the Vicarage Road side said: "The club is convinced the appointment of Silva was the right one and had it not been for the unwarranted approach by a Premier League rival for his services we would have continued to prosper under his leadership".
Nokia X6 with 19:9 display, Dual Camera and Notch Launched
It's also the first Nokia phone to have a 19:9 aspect ratio, which certainly helps it compete with other mid-range devices. Unfortunately it looks like Nokia and HMD Global can't seem to escape that reality with the launch of the Nokia X6 .