Cremonese sacked Davide Nicola on Wednesday after a desperate run of form left Jamie Vardy's Serie A club staring at relegation.
In a statement, Cremonese said Nicola has been "relieved of his duties as first team coach", a decision which came following 15 matches without a win.
Nicola was hired by Cremonese last summer due to his reputation as a Serie A survival specialist, but he is set to be replaced by Marco Giampaolo.
Owned by local billionaire steel magnate Giovanni Arvedi, Cremonese were promoted to Italy's top flight last season and started the season strongly with wins over AC Milan and Sassuolo.
Cremonese were sat in the top half of the table after beating Lecce on 7 December, but since then they have picked up just four points and dropped into the relegation zone last weekend following a 4-1 home drubbing at the hands of Fiorentina.
Cremonese signed Vardy in September on a one-year deal with an option for another season should they manage to stay in the top flight.
The former Leicester City and England striker, 39, has scored five times this season, his last goal coming back in early January in a 2-2 draw with Cagliari.