Sunday's 3-1 defeat by Liverpool was said to be the trigger point for the Palace board, which announced that Pierre Sage had been let go from the club on Thursday.
Palace have won only two of their first 10 league games and have conceded 24 goals, the most in the Premier League, as the side look up from dead bottom.
Sage was appointed in June to replace Oliver Glasner, who won the FA Cup, Community Shield and Conference League with Palace.
However, after lasting 16 games with a 31.25 per cent win ratio, he was unable to prove himself as a viable successor.
Now, as per the BBC, the Eagles are eyeing Thomas Frank to take over the side, a manager who was sacked by Spurs back in February, after just under eight months in charge.
Spurs were also knocked out of both domestic cups and had won only two of their last 17 league games before he was let go, in what may be a worry for Palace fans.
Frank found immense success at previous club Brentford during a seven-year spell between 2018 and 2025, guiding the Bees into the Premier League and helping the club establish themselves as a top-flight team.
Other candidates that had been on Palace's radar include Frank Lampard, Sean Dyche, Vitor Pereira, Kim Hellberg, Vitor Matos and Tony Popovic, according to Sky Sports.