But after a 10th place finish last season, which saw the U's flirt with relegation before ending the campaign strongly, and little progress being shown this term, the board have decided to act.
The former Leyton Orient boss has had to cope with a host of injuries this season as well as a tight budget, with the club being put up for sale in January.
And at the shareholders' annual general meeting on Monday chairman Paul Barry seemed to offer his backing to Ling, amid supporter unrest.
He told BBC Radio Cambridgeshire: "Every member of the board is just as passionate a fan as the people on the terraces and we feel your pain.
"It's a difficult situation, but we'd like to believe it will turn around."
Ling arrived at the Abbey Stadium in the summer of 2009 but quit nine days later after falling out with then chairman George Rolls.
He returned to the helm just a week later following Rolls' departure.
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