Following a poor start to his third season at the helm, the club have announced that Rodgers' contract has been terminated with immediate effect.
The Reds have collected just 12 points in the Premier League this season, leaving the club in 10th place after their opening eight fixtures.
“All of us have experienced some wonderful moments with Brendan as manager and we are confident he will enjoy a long career in the game.
“Although this has been a difficult decision, we believe it provides us with the best opportunity for success on the pitch. Ambition and winning are at the heart of what we want to bring to Liverpool and we believe this change gives us the best opportunity to deliver it.
“The search for a new manager is underway and we hope to make an appointment in a decisive and timely manner.”
Former Borussia Dortmund boss Jurgen Klopp has been tipped as favourite to take over the hotseat at Anfield, with Carlo Ancelotti also linked with the job.