Claudio Ranieri has been sacked as Valencia coach on Friday just eight months after taking charge at the Primera Liga club.
The decision came after the side’s surprise elimination from the UEFA Cup at the hands of Steaua Bucharest.
“We have decided to replace Claudio Ranieri as sporting director and coach of Valencia football club,” Valencia president Juan Bautista told a news conference at the Mestalla.
“We understand, and he too understands, that the results of the club in the last few weeks have not been the most appropriate and have had the effect of distancing us from the objectives we set ourselves at the start of the season.”
Ranieri moved back to the Mestalla last summer, replacing Rafa Benitez, who quit the club to join Liverpool.
Soler confirmed that former assistant Antonio Lopez would take over as the new coach.
Ranieri’s future has been in the balance following his side’s miserable run of form in the league, causing them to slip to sixth place in the standings.