Rise and Shine have endured a tough start to the 2015/16 campaign, winning just one of their opening six League encounters to sit 12th in the Absa Premiership standings.
Reports suggested their under-fire coach was on the verge of an exit, which was then confirmed by the club on Thursday morning.
“It's official that coach Kostadin Papic and club have went separate ways [sic],” the club tweeted from their official account. “Amicably! The club will release a statement soon.”
Papic becomes the third coaching casualty of the season thus far, after Free State Stars sacked Kinnah Phiri and Maritzburg United’s Mandla Ncikazi was shown the exit door last month.