Crystal Palace have parted company with manager Alan Pardew, the club have confirmed.

Pardew, a former Palace player who returned as manager in January 2015, leaves Selhurst Park with the club sitting a point off the relegation zone.

The Eagles hope to appoint a replacement "as quickly as possible" with former England manager Sam Allardyce the favourite to take over at Selhurst Park.

A statement from club chairman Steve Parish said: "I would like to put on record our sincere gratitude for the tremendous service Alan has given us, both in his time here as manager and previously as a player.

"Following a fantastic second half of 2014/15, the 2015/16 season culminated in only narrowly missing out on winning the FA cup as well as securing our Premier League place for a record breaking fourth time. During his tenure Alan's hard work and dedication were without question, he has improved so many areas of the Club and we wish him the very best for the future."

Pardew departs with 18 months remaining on his contract after an abysmal 2016 for the South East London club. While Palace reached their first FA Cup final in 26 years where they lost to Manchester United, they are the owners of one of the worst league records in English football. During the calendar year, the club have taken just 26 points from a possible 108 and have lost eight of their last 10 games in the Premier League.

In a statement, Pardew said: "I would just like to take the opportunity to thank everybody at Crystal Palace for their fantastic support. In particular a big thanks to the players who gave me absolutely everything and Steve Parish and his board.

Alan Pardew
Pardew sacked four days before Boxing Day clash. Getty Images

"Personally I have a lot of good feelings for this football club and am sad that my time there has ended.

"I feel that I have a special bond with the club and hope that hasn't been affected, I wish everybody associated with the club the best of luck in the future including of course the fans who have been magnificent."

Allardyce, who was sacked as England manager after just 67 days in charge in September, is the bookies' early favourite to step in. Another ex-England manager in Roy Hodgson and current Wales boss Chris Coleman, who spent four years with the club between 1991 and 1995, are also among the names in contention.