The 42-year-old Italian manager left the Champions League winner 12 hours after a 3-0 defeat to Juventus left the Blues chances of retaining the trophy in tatters.
The Blues needed a positive result in Turin to maintain strong hopes of defending their European crown, but Antonio Conte's side destroyed the Premier League club to leave their chances in ruins. And with their Premier League form slipping after a bright start, owner Roman Abramovich has decided to sack the manager, with the club revealing: "Results have not been good enough."
A statement on Chelsea's official website read: "Chelsea Football Club has parted company this morning with Manager Roberto Di Matteo.
"The team's recent performances and results have not been good enough and the owner and the Board felt that a change was necessary now to keep the club moving in the right direction as we head into a vitally important part of the season."
The club faces a season-defining period over the coming weeks, with a clash against Premier League champion Manchester City on Nov. 25, followed by the must-win game against Nordsjaelland on Dec. 5.
"The club faces a difficult task ahead in qualifying for the knockout stages of the UEFA Champions League as well as maintaining a strong challenge for the top of the Premier League while competing in three other cup competitions," the statement read. "Our aim is to remain as competitive as possible and challenge strongly on all fronts."
Despite winning the Champions League and FA Cup after taking over from Andre Villas-Boas in March of the 2011-12 season, Di Matteo is the latest in a long list of managers who have failed to appease owner Abramovich. Di Matteo lasted 262 days in charge, six days longer than the man he replaced, Andre Villas-Boas.
After winning seven of his eight opening Premier League games this season, two points from the last four league matches and seven points from a possible 15 in the Champions League sealed the Italian's fate.
The statement continued: "The owner and the board would like to thank Roberto for all he has done for the club since taking over in March. Roberto helped guide us to an historic Champions League victory and a seventh FA Cup. We will never forget the huge contribution he has made to this club's history and he will always be welcome at Stamford Bridge.
"The club will be making an announcement shortly regarding a new first team manager."
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