Koeman spent £54million net on new players over the summer, while cashing in on Romelu Lukaku for £75m.

But a disastrous run of one league win since August - coupled with a disappointing European campaign - has cost the Dutchman his job.

Sean Dyche is supposedly the frontrunner for the post.

A statement on Everton’s website read: “Everton Football Club can confirm that Ronald Koeman has left the Club.

“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.”

Koeman leaves Everton languishing 18th in the Premier League, with just seven points from nine games.