Mancini first joined Inter Milan in 2004 and guided the Italian giants to three Serie A titles and joined them in a second stint in 2014. The Italian led Inter to an eighth place finish in his first season before finishing just outside the Champions League spots last season and lost the Coppa Italia final to Juventus.
However the Inter hierarchy who just got new co-owners in the Suning Holdings Group decided that Mancini is not the right coach to lead a rebuild and have terminated his contract following the heavy 6-1 defeat to Tottenham Hotspur.
The club thanked him for the work he put into the team and wished him luck in the future.
Former Ajax coach Frank de Boer is reportedly the favorite to take on the job and match the club's new owners' ambition.
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