Rayo Vallecano sack Coach Michel after seven consecutive La Liga defeats left them second from bottom, six points from safety.
Michel, who enjoyed two spells at Rayo as a midfielder and is considered a club great, was appointed a Manager in 2017 after first coaching the youth team.
The 43-year-old led the club to Spain’s top flight last season after winning the Segunda Division title.
According to Rayo, he said: “We thank him for his immeasurable work over the past three years and his unquestionable successes (including) promotion to La Liga in 2018,”
The former Manchester United midfielder’s best result came in the 4-1 demolition of the Republic of Ireland in the Nations League last September but they could only finish second in their group behind Denmark.