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Published 16:52 30 Mar 2016 BST
Updated 17:55 30 Mar 2016 BST
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The club recorded just three league victories since the Englishman's arrival in Spain, beating Espanyol, Malaga and Granada, though they fared slightly better in the Europa League.
After dropping down from the Champions League, the club recorded an impressive 10-0 aggregate victory over Rapid Wien, but lost to Athletic Club in controversial circumstances in the last 16.
'After careful consideration, the Club have decided to make a change with the best interests of the Valencia CF moving forward this season,' Valencia's official statement reads.
'We thank Gary for his work at Valencia and wish him the best in the future.'
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