"The board of directors ... has informed Victor Fernandez that from tonight he is no longer the first team coach," Deportivo said on their website.
As soon as a replacement is found the club president will hold a news conference.
Fernandez, who has also had stints in charge at clubs including Real Betis, Real Zaragoza and Porto, was appointed in July but a run of eight La Liga games without a win forced the board's hand.
Deportivo were one of the top sides in Europe just over a decade ago, reaching the 2004 Champions League semi-finals after winning La Liga in 2000, but have since been beset by financial problems and were relegated in 2011 and 2013.
Deportivo are 17th on 27 points with eight games left, two ahead of 18th-placed Almeria.
(Reporting by Iain Rogers, editing by Ed Osmond)
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