Unai Emery, Arsenal's head coach, has been sacked after a string of poor performances.
The departure of Emery was announced by the London club on it's website.
“Our most sincere thanks go to Unai and his colleagues who were unrelenting in their efforts to get the club back to competing at the level we all expect and demand. We wish Unai and his team nothing but future success, " Josh Kroenke, who spoke on behalf of the Arsenal board and owners said.
Freddie Ljungberg will take over, the club said in its statement.
Arsenal's statement explained that the decision to sack the coach was taken due to the club's poor performance this season.
Emery took over from legendary coach Arsene Wenger in the hope that he would turn around Arsenal's fortunes.
The firing comes just a day after Arsenal suffered a shock defeat to Eintracht Frankfurt on Thursday in the UEFA Europa League campaign.
There had been a lot of speculation about Emery's future following the Europa league loss.
The club, which enjoys massive support in Kenya, has struggled to win games, a reality that has led Arsenal supporters to demand that Emery be shown the door.