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The Eagles sit 17th in the Premier League and have the worst record of any team from the top four divisions in England in 2016.

The 55-year-old boss has been relieved of his duties following a terrible run of form which saw them slide down the table.

Former England and Sunderland boss Sam Allardyce is the 1/4 favourite to replace Pardew, who Starsport understands has been handed a £4.8m severence package.

Allardyce is set for talks with Palace within the next 24 hours and could be appointed before their Boxing Day trip to Watford.

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Despite getting the axe just before Christmas, Pardew was quick to thank everyone at the south London club for their hard work during his time at Selhurst Park.

He 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.

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"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."

Chairman Steve Parish added: “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.

"With games now coming thick and fast over the holiday period the club are hoping to put someone in place as quickly as possible but have nothing to say about a replacement at this time."

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Palace hero Clinton Morrison believes Pardew was sacked by the new American owners at the club.

He said: "I know the relationship he had with Steve Parish was really, really good.

"I didn't really think that it would happen but results haven't lived up to expectations this season.

"I do believe the new owners wanted to change. When someone comes in they want to change it and have their own guy in but results haven't helped him either.

"The relationship he did have with Steve Parish was really good but sometimes you get overruled."