Augusto Lendoiro confirmed the news at a press conference on Sunday evening, saying a replacement will be named shortly.
Deportivo had won just 12 points from 17 games so far this season.
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Summer 2016 is set to be a very exciting time for football fans, as this is when the long awaited Euro 2016 tournament kicks off.
Since Guus Hiddink arrived at the helm, Chelsea have improved considerably after a tricky start to the campaign.