Sam Allardyce was sacked as manager of Everton on Wednesday after just six months in charge despite guiding the Premier League club away from relegation danger to a mid-table finish.
The former England manager, 63, was brought in as Ronald Koeman's replacement in November, but his rudimentary style of play has proved deeply unpopular with fans of the Merseyside club.
"We have made the decision that, as part of our longer-term plan, we will be appointing a new manager this summer," said new chief executive Denise Barrett-Baxendale.
"On behalf of the chairman, board of directors and Mr Moshiri, I'd like to thank Sam for the job he has done at Everton."
"Sam was brought in at a challenging time last season to provide us with some stability and we are grateful to him for doing that," she added.
Former Watford and Hull City manager Marco Silva is the favourite to take over and could complete the move to Goodison Park six months after the club failed to prise him away from Vicarage Road.
Despite signing an 18-month deal, Allardyce appeared resigned to his fate after Sunday's 3-1 defeat at former club West Ham, during which Everton supporters called for his sacking.
"I can't quite say confident after all the rumours I'm reading in the paper," said Allardyce, when questioned about his future. "Generally there's no smoke without fire. We'll wait and see when we meet up."
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.
As part of the questionnaire, supporters were asked whether they agree with the statement: "I have a high level of trust in the current manager and coaching staff at Everton e.g. in making the right decisions to get the best out of the team."
Allardyce, whose previous clubs include Bolton, Newcastle, Sunderland and Crystal Palace, landed his dream job with England in 2016 but that turned sour after only one match, with Allardyce stepping down following a newspaper sting.
Everton were unwilling to pay a reported compensation fee of £15 million ($20 million) wanted by Watford for Silva when Koeman was sacked.
However, Silva himself was then dismissed by Watford in January with the Hornets citing disruption caused by Everton's "unwarranted approach" for a major dip in form.
A change in manager could also affect Wayne Rooney's future at the club.
England's all-time top scorer had reportedly agreed terms on a £12.5 million move to DC United in Major League Soccer last week.
Rooney had seen his involvement limited under Allardyce, but could be convinced to stay at his boyhood club by a new regime.