A statement issued on Monday evening confirming Pellegrino's backroom staff have also been let go read: "Southampton Football Club can today confirm that it has parted company with first team manager Mauricio Pellegrino".
The board acted reluctantly in the hope that a disappointing season can still be salvaged and would like to secure a replacement in time for the FA Cup quarter-final against Wigan Athletic on Sunday.
It's safe to say that the Mauricio Pellegrino experiment at Southampton FC didn't work out too well.
The Saints now sit one point above the bottom three with eight matches remaining in the 2017/18 PL season. The assistant manager, Carlos Compagnucci, and the assistant first-team coach, Xavier Tamarit, have also left.
The south-coast club took action two days after losing 3-0 at Newcastle, following which Pellegrino said some of his players "gave up". The south-coast club chose to act two days after a 3-0 loss at Newcastle, after which Pellegrino said some of his players "gave up".
The Saints have been in free fall for the last few months which has seen them nosedive right down into the depths of the table, with one win in their last 17 matches leaving them a point outside the relegation zone.
It's unclear what direction Southampton will take moving forward for the rest of the season, but a number of veteran PL manager remain available.
Speaking on BBC Radio 5 live, former Southampton star Francis Benali said: 'It is something that has been bubbling away and has been talked about by Southampton fans for a while.
Southampton, who are the ninth Premier League club to change manager this term, are in their sixth straight season in the top flight and have not finished lower than 14th in that time.
'I think Pellegrino has had a good opportunity to turn things around.