Total upheaval at the club, who sit at the bottom of the table with just one point from a possible 15, one goal scored and 10 conceded, after losing to Sevilla on Friday.
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Alongside the director, Lisandro Isei, Hans Gillhaus, Andres Zamora, and Malek Shafei are also leaving the club.
Corberan arrived at Valencia in December 2024 and pulled off the miracle of survival after an extraordinary second half of the season. Last season, the team came close to European spots in the final stretch of the league.
His interim replacement will be Valencia Mestalla coach Oscar Sanchez.