Monk, 36, led Swansea to an eighth-place finish last season in his first full campaign at the helm, but he has paid the price for a run of results that has left the club a point above the relegation zone.
“The decision has been made very reluctantly and with a heavy heart,” Swansea chairman Huw Jenkins said in a statement on the club website.
“To find ourselves in our current situation from where we were in the first week of September, and considering the drop of performance levels and run of results over the last three months, it has brought us to this unfortunate decision today.”
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