Former Bucs head coach Muhsin Ertugral brought Storm to Mayfair in the off-season after previously working with her at Mpumalanga Black Aces, Golden Arrows and Kaizer Chiefs.
When Ertugral quit the club in November Storm was initially retained to serve under interim coach Augusto Palacios.
However, the Soweto giants have since severed ties with Storm.
"Elsa Storm is no longer with Pirates," says the source.
"She was part of the deal with Muhsin."
Pirates have reportedly identified a new head coach, believed to be from Europe, and are currently in salary negotiations.
The Sea Robbers are ninth on the table with 18 points from 13 games, but could drop a spot if Mamelodi Sundowns beat bottom-placed Baroka FC tonight in the final fixture of 2016.
The league will resume in February.