Reports claim that the Bucks are set to receive a substantial investment that will secure its future, which was the catalyst for the change in management.
Smith was re-appointed as Telford boss in August 2015, following Steve Kittrick's sacking.
Both he and Chambers were let go by the Shropshire club in 2010.
Dosser ends a 13-year stay at the New Bucks Head with his departure.
The club confirmed the news online.
"AFC Telford United today parted company with manager Rob Smith and assistant Larry Chambers." read the statement.
"The club would like to thank them for all their hard work during two challenging seasons in helping maintain our National League North Status.
"Everyone at AFC Telford would like to wish Rob and Larry all the best for the future.
"The club chairman Ian Dosser has resigned from his position with the football club this morning. After 13 years with the club, Ian feels this is the right time to hand over the reins to the majority shareholding family. Therefore, Andy Pryce has been appointed as interim chairman.
"Everyone at AFC Telford United would like to thank Ian for all his help over the years.
"There will be no further statement from the club at this time."
Smith and Chambers guided AFC Telford to National League North safety last season after a mixed campaign.
The former Hednesford Town boss was in the process of rebuilding his squad, recently securing a number of signings including the likes of Elliot Newby, Ross White, Jordan Gough and Jasbir Singh.
In April, he confirmed his commitment to staying with Telford despite financial struggles last season:
"I love the club. I want to stay and try to make it better, I don't want to quit on them. I think they need us as much as we need them." he said.
"I'll be giving it a thousand per cent no matter what. I'll give it everything I have got."