Sean Dyche was sacked by the club in a surprise announcement.
The club is in 18th position in the table and four points adrift from safety with eight matches remaining. Dyche has a track record of keeping Burnley in the top-flight on a modest budget.
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The club chairman said in a statement that they would like to place on record their sincere thanks to Sean and his staff for their achievements over the last decade.
Sean has been a credit both on and off the pitch, respected by players, staff, supporters, and the wider football community.
This was an incredibly difficult decision, but we feel a change is needed to give the squad the best chance of retaining its status, as results this season have been disappointing.
The Under-23s team will be led by Mike Jackson, assisted by Academy Director Paul Jenkins, Under-23s goalkeeping coach and club captain Ben Mee.
The process of replacing Sean has begun and further announcements will be made to supporters.
He had been in charge of the English top flight for nine-and-a-half years.
During Dyche's time at the club, they were promoted twice from the Championship and qualified for Europe for the first time in 51 years.
Dyche has never had the luxury of spending over 200 million dollars in the last three seasons as other clubs do.
Chris Wood, a key figure in preserving the club's Premier League status over the past few seasons, was allowed to join fellow strugglers Newcastle United in January.
The prospect of a six-year stay in the top flight was staring the club in the face.
Two victories in mid-February and a crucial win over fellow strugglers Everton seemed to give them a fighting chance.
The club must look for someone to inspire them in the last eight games of the season after last weekend's defeat at Norwich City.
This report had information from the news agency.
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