The decision comes just eight league matches into the season, despite Oviedo remaining out of the relegation zone. The Blues are currently in 17th place, following last weekend's 2-0 defeat to Levante at the Carlos Tartiere stadium.
The setback came after the triumph in Valencia, when the Blues won 2-1 at Mestalla in a thrilling finale, including a comeback that served to boost the team's morale.
But the match against Levante ended in defeat, despite the Blues having enough chances to at least equalize, and the club has decided to dispense with the Serbian and his team of assistants.
Real Oviedo announced this morning:
"Real Oviedo has decided to terminate the contract of Veljko Paunovic as first-team coach. The Blues' coach, whose contract runs until June 30, 2026, is no longer the coach of the club from the capital of the Principality. Likewise, the coaching staff that accompanies him also ends their association with the Oviedo club.
"Real Oviedo would like to express its gratitude to Veljko Paunovic and his coaching staff for their professionalism, commitment, and dedication during his time in charge of the team. Under his leadership, Real Oviedo achieved the long-awaited promotion to the First Division, a historic success that will forever remain in the memory of Oviedo fans.
"The Club wishes him every success in his future endeavors, both personal and professional."