Mauricio Pochettino said Chelsea are "not matching the history of the club" and apologised to supporters following their 4-2 home defeat by Wolves.
"We are all not good enough at the moment, that's the reality," he said.
"Myself also. I'm the first responsible for the situation. What we showed today was that we are not good enough."
Argentine Pochettino, 51, took charge of Chelsea in July following a season in which they finished 12th under interim manager Frank Lampard, after Graham Potter and Thomas Tuchel were both sacked earlier in the campaign.