The former Barcelona defender failed to win any of his opening four Premier League games in charge of the south London club, and was sacked just 77 days into the job.
His side also failed to find the net in the league with their defeat by Burnley proving to be the final straw for chairman Steve Parish.
And De Boer said: "I am 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."
Earlier, Palace released the following statement:
"Crystal Palace Football Club have this morning parted company with Frank de Boer.
"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."
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