Crystal Palace has lost four Premier League games in a row and has decided to bite the bullet and move De Boer on after yesterday’s defeat to Burnley.
Croydon-born Hodgson is set to sign a two-year deal to replace him.
De Boer’s reign follows a similarly short spell at Inter Milan when he was sacked after 85 days.
“Crystal Palace Football Club has this morning parted company with Frank de Boer,” read a club statement.
“We would like to thank Frank for his dedication and hard work during his time at the Club.
“A new manager will be appointed in due course and we wish Frank the very best of luck for the future.
“There will be no further comment at this time.”
De Boer was appointed in the summer to replace Allardyce and given the remit to change the style of football and bring through young players.
But after three games of three at the back, he switched back to a four after coming under pressure from the board.
He struggled to bring new players in during the transfer window before Mamadou Sakho eventually signed on deadline day.
He bought Jairo Riedewald form Ajax but had to settle for loans elsewhere and lost star man Wilfried Zaha to injury on the opening day of the season.
Palace is yet to score a goal and following defeat yesterday have decided to make the change.
“Very disappointed about the decision but never the less I want to thank the players, staff and the fans for their support. Good luck for the future,” De Boer said in a post on Instagram.
Speaking yesterday after defeat to Burnley De Boer admitted he wasn’t sure if he would survive.
Frank de Boer has been sacked as Crystal Palace manager
“I don’t know. I just focus on what I can control and keep thinking about Southampton from today,” he said.
“What other people think, they have to decide, but when I’m still the manager of Crystal Palace, I will give 100 percent.
“I think the performance is a good starting point and what I want to see from any team that I manage. After the goal, we showed what we can do. That gives me a lot of hope for the future.
“I have very good contact with the chairman and the board. Of course, we are very critical to each other. We know where we come from and what we want to achieve. I’m convinced we are going to achieve it.”
Hodgson has been out of work since sacked by England following the European Championships.
His appointment is expected to be confirmed in the next 48 hours.