Renato Paiva was sacked as manager of Toluca on Wednesday following the club's elimination from the Liga MX playoffs.
Despite finishing second in the regular season standings, Toluca crashed out of the Apertura tournament on Saturday with a 4-0 aggregate loss to America in the quarterfinals.
"Deportivo Toluca Futbol Club informs that Renato Paiva's time as head coach has ended," Toluca said in a press release.
"We are sure that all the organization, professionalism and structure with which Renato and his coaching staff worked will remain as a legacy in this institution."
Paiva oversaw 22 wins, 12 draws and five losses after taking charge of the club last December.
The 54-year-old from Portugal previously had spells in charge of Brazil's Bahia, Mexican club Leon and Ecuador's Independiente del Valle.