Bottom of the table Alaves appointed the Argentine in June after compatriot Mauricio Pellegrino stepped down, later taking charge of Premier League side Southampton, having steered the club to ninth in La Liga and to the Copa del Rey final.
"Deportivo Alaves have decided to sack the Albiazul coach after the results obtained at the start of the season. For the moment Javier Cabello (an assistant coach) will take charge of the first team," said Alaves in a statement.
"We are grateful to Luis Zubeldia for the work undertaken in this period and we wish him the best of luck in his professional future."
Alaves were beaten by Leganes, Barcelona and Celta Vigo before another defeat at Mendizorroza by Villarreal sealed the coach's fate.
(Reporting by Rik Sharma; Editing by Christian Radnedge)
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