Everton have officially parted company with manager Ronald Koeman following the club's recent run of poor results.

Despite spending in excess of £130m in the summer, the Toffees slipped into the Premier League relegation zone as a result of Sunday's 5-2 trashing at the hands of Arsenal and have won only one league fixture since an early victory on the opening weekend of the season.

A club statement on Monday afternoon read:

"Chairman Bill Kenwright, the board of directors and major shareholder Farhad Moshiri would all like to express their gratitude to Ronald for the service he has given to the club over the past 16 months and for guiding the club to seventh place in last season's Premier League campaign."

Everton will face Chelsea in the fourth round of the Carabao Cup on Wednesday evening, before a Premier League fixture against manager-less Leicester on Sunday.

Former Everton player David Unsworth, who is currently the club's Under-23 team manager, is the early favourite with bookmakers to replace Koeman.

Burnley boss Sean Dyche, long serving ex-Toffees boss David Moyes and former England manager Sam Allardyce are other fancied names in the frame at this early stage.