Reports suggest the decision was made prior to kickoff - regardless of the result - and at the end of the 2-1 loss, Jol was shedding tears as the White Hart Lane crowd sang his name.
Spurs, who are third from bottom in the Premier League, have won just one league game after spending heavily during the summer transfer window.
Sevilla coach Juande Ramos has reportedly agreed to become Spurs' new manager at the start of next season.
During the defeat to Getafe in a Group G game Spurs fans gave vocal support to the Dutchman singing "Stand up for Martin Jol" during the match.
As confirmation filtered through that a severance package with Jol was agreed before kick-off, Spurs shook off a poor start to lead through Jermain Defoe's.
However, Ruben de la Red flicked in Esteban Granero's free-kick to level.
And Braulio sealed the win after Defoe and Dimitar Berbatov had missed chances to signal a dire end to Jol's reign.