Cannavaro had replaced Jorge da Silva as the club's manager a mere four months ago, with the 42-year-old given an eight-month deal with the option to extend for another year.
The Saudi side, who won the Pro League last season, are currently sixth in the table, prompting questions over whether Cannavaro was up to the task.
And just four months into his contract with Al-Nassr, the club have now parted ways with the Italy icon.
Since taking up coaching, Cannavaro's career has lacked consistency. Having guided Al-Ahli to the UAE Pro League and League Cup titles in his first season in charge, he was named head coach of Chinese Super League side Guangzhou Evergrande the following term.
After eight months at his post in China, the Italian boss was replaced suddenly by former Brazil coach Luiz Felipe Scolari before taking up residence in the Al-Nassr dugout in October 2015.