Cuper managed to lead the Spanish side to just one victory in their opening 13 Primera Liga games this season.
Cuper told his squad about his exit before training on Tuesday.
Danish legend Michael Laudrup has been linked with the job as Racing Santander boss.
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The start of the 2017-18 Premier League season is just around the corner and is shaping up to be one of the most competitive yet.
As always it is the so called “big clubs” that have splashed the most cash in the transfer window so far this summer. Manchester United or City? Arsenal or Tottenham? Who are the winners and losers of the transfer window so far?