The 3-0 defeat by Manchester United on Saturday evening proved the final nail for the Portuguese, who was only appointed in the summer, after a disappointing start to the season.
The club confirmed the news with a short statement on Monday morning.
“The club can today announce that Nuno Espírito Santo and his coaching staff Ian Cathro, Rui Barbosa and Antonio Dias have been relieved of their duties,” it read.
Sporting director Fabio Paratici added: “I know how much Nuno and his coaching staff wanted to succeed and I regret that we have had to take this decision.
“Nuno is a true gentleman and will always be welcome here. We should like to thank him and his coaching staff and wish them well for the future.”
A number of high-profile names have been linked with the job including Antonio Conte, Brendan Rodgers and former boss Mauricio Pochettino.
Here are the frontrunners, according to latest bookmaker odds:
Antonio Conte 2/1
Graham Potter 5/1
Paulo Fonseca 5/1
Ryan Mason 5/1
Brendan Rodgers 15/2
Eddie Howe 15/2
Roberto Martinez 12/1
Sergio Conceicao 12/1
Mauricio Pochettino 14/1
Jurgen Klinsmann 14/1
All odds via Betfair
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