“The decision to part company with Pedro was taken after careful consideration and the search for a new manager will begin immediately,” read a statement from the Glasgow giants.
Rangers are currently fourth in the Scottish Premiership but already eight points behind leaders and bitter city rivals Celtic, the reigning champions, only 10 games into the season.
The Rangers board took the decision to end Portuguese coach Caixinha’s difficult time at Ibrox following Wednesday’s 1-1 home draw with lowly Kilmarnock.
Under-20s boss Graeme Murty will now take caretaker charge of the first team for the second time this year when Rangers travel to Edinburgh for a match against Hearts on Saturday.
“Rangers Football Club announce today (Thursday) that Pedro Caixinha has left the club,” said the club statement.
“Pedro was appointed in March this year but results have been disappointing and not commensurate with the level of investment that was made available.”
The statement added: “The priority is to appoint a new manager as quickly as possible, but the Board will take as much time as is necessary to secure the right person capable of representing Rangers and providing the brand of football supporters rightly expect.
“We thank Pedro and his backroom staff for their efforts and commitment and wish them well for the future.”
Caixinha won just 14 of his 27 games in charge, his reign including a 5-1 defeat by Celtic at Ibrox last season — Rangers’ worst-ever home result in an Old Firm derby.
He also oversaw Rangers’ first home defeat by Aberdeen in a quarter of a century — a 2-1 loss in May.
At no stage during his time at Ibrox did Rangers manage three straight wins, with Caixinha’s transfer judgement was also questioned after Scotland international Barrie McKay was allowed to leave the club.
Caixinha’s fate appeared to be sealed with a Scottish League Cup semi-final defeat by Motherwell on Sunday and the way in which Rangers squandered a 1-0 lead in the final five minutes of their match with Kilmarnock.
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