Michel has been sacked as Sevilla coach following Sunday's 2-0 Liga defeat to Valencia.
The Andalusians have a Copa del Rey tie with Zaragoza in just two days, but the club have run out of patience with the 49-year-old and decided to terminate his contract on Monday.
The former Real Madrid and Spain midfielder was appointed at the Ramon Sanchez Pizjuan last February in the wake of Marcelino's dismissal and guided the side to ninth in the Primera Division in 2011-12.
However, a run of just six wins in 19 league matches this season, including four defeats in their last five, has seen Sevilla hover just six points above the relegation zone.
Reports in Spain suggest that Unai Emery, who is currently out of work after being sacked by Spartak Moscow in November, will succeed Michel.