Owner Roman Abramovich made the "very difficult" decision to sack Lampard on Monday morning with former Paris Saint-Germain manager Thomas Tuchel set to be appointed as his successor.
Supporters had a banner installed at Stamford Bridge for Sunday's FA Cup tie against Luton which read: "In Frank We Trust. Then. Now. Forever." The feeling in the boardroom was not mutual.
The club statement announcing Lampard's departure said that the club had been left "mid-table without any clear path to sustained improvement."
Lampard had failed to build on an impressive first season in the job despite the addition of more than £220million in new signings.
The club legend still had the firm backing of supporters however, and following the confirmation of his sacking the Supporters' Trust took to Twitter and said: "Absolutely gutted.
"Frank Lampard is, and always will be, a legend of Chelsea Football Club."