Giovanni van Bronckhorst was fired by Rangers.
Celtic are nine points in front of Rangers.
The club lost all six of their group stage matches in the European competition, including a 7-1 defeat at home to the Reds.
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Pedro Caixinha and Paul Le Guen are the only other permanent managers to have lasted less than three years.
The World Cup has caused the Scottish league to be put on hold, with Rangers' next game against Hibs taking place on December 15 on Sky Sports.
The Rangers Football Club has parted company with their manager. The board would like to publicly thank Gio for his hard work since he became manager.
After arriving at the club just over a year ago, Gio led the club to a fifth European final and won the Scottish Cup." The team qualified for the playoffs for the first time in a decade.
"Unfortunately, results and performances over recent months haven't met expectations and the decision was made today to dismiss the manager."
The search is on for a new boss.
Douglas Park said that he wanted to thank Gio for the hard work he has put in over the last year and for the achievements of taking the club to the Scottish Cup.
We have taken this difficult decision because recent results have not met our expectations. Everyone at Rangers would like to wish Gio good fortune in the future.
Sky Sports will show the Scottish Premiership game on December 15th.
Sky Sports will show the Aberdeen game on December 20.
Ross County kicks off at 7:30pm on Sky Sports.
Motherwell kicks off at 7.45pm on December 28th.
Sky Sports will show the Celtic game on January 2nd.
You can follow every Rangers game this season on the Sky Sports website and app, as well as watching match highlights for free.
Do you want to know the latest from the Rangers? Rangers' latest results, goals, and video can be found on our Rangers news page, as well as watching Rangers games on Sky Sports.
To get all this and more, you need to download the Sky Sports Scores app and set Rangers as your favorite team.
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