The club has parted ways with its 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 semifinals of the Europa League, where it was knocked out by eventual winner Sevilla.
But after the club was taken over in May by Singapore businessman Peter Lim, it has 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 analyzed 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 rumored to be Valencia's first choice coach as it bids to make a swift appointment ahead of preseason.