The Brandywell men confirmed the news this morning stating: "Derry City FC and Declan Devine have parted company by mutual consent.
"The Board wish to thank Declan for his service to the Club and wish him well for the future.”
The Candy Stripes, who travel to in-form Sligo Rovers this Saturday are likely to have Mark McChrystal and Paddy McCourt in the dug-out at the Showgrounds, currently sit at the bottom of the table and are still looking for their first win of the season after six games.
After what was a disappointing 2020 campaign, where Derry just narrowly avoided the relegation playoff and not getting off to a good start this term, the board felt now was the time to make a change.
Finn Harps assistant manager Paul Hegarty, Cliftonville boss Paddy McLaughlin and Ireland's opposition analyst coach Ruaidhri Higgins are likely to be in the running to replace Devine.