The Dutchman has been relieved of his duties at the Philips Stadion after a poor start to the 2019-20 campaign across all competitions
PSV have sacked head coach Mark van Bommel in the wake of a 3-1 Eredivisie defeat to Feyenoord on Sunday.
A Steven Berghuis hat-trick had put Feyenoord 3-0 up in Rotterdam with 64 minutes on the clock, with Gaston Pereiro's late goal for the visitors proving to be nothing more than a consolation.
PSV's fourth defeat of the season left them sitting fourth in the Dutch top flight, 10 points behind leaders and reigning champions Ajax after just 17 fixtures.
Two wins in 12 matches across all competitions have forced the board into action, with Van Bommel's one-and-a-half-year reign coming to an end on Monday morning.
PSV's general manager Toon Gerbrands released a statement confirming the news on the club's official website, which reads:Â "The decline is too large and unworthy of PSV.
"The matches are the defining moments, but the process around them is also decisive.Â
"We monitor this intensively.Â PSV is a club where we try to help and support each other.Â That has also been the case in recent months.Â
"The club's interest has always been paramount and theÂ evaluation ultimately resulted in this painful decision.Â We have all done everything to turn the tide.Â Unfortunately, that did not work."
PSV have also revealed that they will announce a "temporary replacement" for Van Bommel later on Monday, with U19 coach Ruud van Nistelrooy among those thought to be in the running for the position.
Van Bommel had put on a defiant front after watching his side lose to Feyenoord at the weekend, insisting he wouldn't be "giving up" despite widespread calls for a change in the dugout.
"Although I have to fight against the whole world, I am not giving up," the 42-year-old said post-match.
"I have seen one of the best PSV matches this season, only the result is very bad.Â We came back against the odds, we dominated the game.Â
"Football is sometimes unfair.Â Normally you just have to win here.Â Apparently the poisoned cup must be completely empty."
PSV latest setback came four days after they suffered an early Europa League exit, with a 1-1 draw at home to Rosenborg sealing their fate.
The Dutch giants finished third in Group D on eight points, four behind Sporting Lisbon and five behind pool winnersÂ LASK.
PSV'sÂ first game without Van Bommel at the helm will be a KNVB Cup second-round tie against GVVVÂ Veenendaal on Wednesday, before ZwolleÂ arrive at the Philips Stadion for a crucial Eredivisie meeting on December 21.