Emery replaced Arsene Wenger in the summer of 2018 but has lasted just 18 months with the Emirates board pulling the trigger.
The Gunners were beaten 2-1 by Eintracht Frankfurt in the Europa League on Thursday night, taking their winless run to seven matches and sealing Emery’s fate.
Arsenal return to action in the Premier League against Norwich on Sunday, languishing in eighth in the table, eight points adrift of the top four.
Emery insisted post-game on Thursday that his focus remained on the trip to Carrow Road.
But senior figures met on Friday to discuss the crisis and concluded it was time for him to depart.
A club statement declared: “We announce today that the decision has been taken to part company with our head coach Unai Emery and his coaching team.
“The decision has been taken due to results and performances not being at the level required.