AC Milan suffered their third Serie A loss in a row after a thrilling 3-2 defeat at the hands of bitter rivals Inter Milan.
Inter's star striker Mauro Icardi continued his usual habit of goalscoring after netting a spectacular hat-trick at the San Siro on Sunday, which saw the Rossoneri drop into 10th place.
Despite AC Milan's stuttering start to the season, the board have come out to publicly support their manager, who has been at the club since June 2016.
"Vincenzo is staying with us," said the club's managing director, Marco Fassone, as reported by the BBC.
"When you change this much, as we did, you need time.
"We are starting to see the first positive signs, but Montella will still have time to continue his work."
After an overhaul of the squad during the summer transfer window which saw the likes of Leonardo Bonucci and Andre Silva arrive at the club, they are yet to fulfil the promise of a new look AC Milan, whose reputation as one of the biggest clubs in Europe has faded over recent seasons.
Having lost four of their eight league matches so far this campaign, Montella will be looking to bounce back after a bitter defeat to their co-homeowners. After the game, the former Fiorentina manager had this to say: "A false start can happen.
"But now it's time to work hard to bounce back and climb the table."
Milan host AEK Athens in the Europa League on Thursday, and will be looking to add to their opening two victories in Europe so far this season.