The club have parted ways with their coach, two months after the club was taken over by Singapore businessman Peter Lim
The 46-year-old was only given the job back in December and guided the club to eighth in La Liga as well as the semi-finals of the Europa League, where they were knocked out by eventual winners Sevilla.
But after the club were taken over in May by Singapore businessman Peter Lim, they have now opted to start afresh by terminating the services of Pizzi and his staff.
"With the expansion of the sales process of Valencia CF, for reasons unrelated to the management of the club, and in order to provide stability to the future sports project, the board of directors of Valencia FC, having analysed all the possibilities in this complex and crucial moment for shareholders, has decided to dispense with the services of coach Juan Antonio Pizzi," read a statement on the club's official website.
"Valencia Football Club wishes the best of luck to Pizzi and his coaching staff, with them having developed [the club] with their professionalism and involvement in the institution."
Former Deportivo La Coruna and Porto goalkeeper Nuno is rumoured to be Valencia's first choice coach as they bid to make a swift appointment ahead of pre-season.