Gracia was axed after Sunday's 3-2 home defeat to Barcelona and it's since been confirmed Salvador González 'Voro' will be in charge for the remaining games of the season.
Having collected just three points from the last 18 available, Gracia was dumped by Valencia amid concerns they'll get sucked into the relegation battle.
Gracia's relationship with the board had been tense almost from the first day he arrived. The sale of key players and the lack of quality replacements led him to ask to be released from his contract after the summer market closed. Then last January, VCF came close to dismissing him due to poor results.
Gracia's deal with Valencia runs to 2022.