Bayern Munich have confirmed reports that they have parted company with boss Carlo Ancelotti.

Earlier on Thursday, speculation began to emerge over the future of the Italian after Bayern suffered a 3-0 defeat at the hands of Paris Saint-Germain in the Champions League.

The Bundesliga champions also sit three points off the pace after half-a-dozen matches in the league and based on the recent performances of the team, the club have decided to sack the former Chelsea and Real Madrid manager.

Karl-Heinz Rummenigge, CEO of FC Bayern Munich AG, said: "The performance of our team since the start of the season did not meet the expectations we put to them. The game in Paris clearly showed that we had to draw consequences. Hasan Salihamidzic and I gave Carlo an open and serious discussion today and informed him of our decision.

"I would like to thank Carlo for the cooperation and regret the development she has taken. Carlo is my friend and will remain, but we had to make a professional decision in the sense of FC Bayern. I now expect the team to have a positive development and absolute performance, so we can reach our goals for this season."

Ancelotti leaves Bayern having won 42 of his 60 games in charge at the Allianz Arena.