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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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.