Herrera, 61, who has also had stints in charge at clubs including Real Zaragoza and Celta Vigo and was an assistant to Rafa Benitez at Liverpool, helped Las Palmas win promotion to Spain's top flight last term after a 13-year absence.
However, they have only five points from eight matches and the club said on their website (www.udlaspalmas.es) they needed a "boost" after the woeful showing against Getafe. There was no immediate word on a successor.
Las Palmas have not had a sustained run in the top flight since the 1980s and were playing in the third tier of Spanish soccer less than a decade ago.
The club said they wished Herrera "every professional success in the future, conscious of the fact the he wrote one of the happiest pages in the history of this club".
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Bottom side Granada could climb above Las Palmas if they win at 13th-placed Sporting Gijon later on Monday.
(Reporting by Iain Rogers, editing by Martyn herman)
