However, the former Newcastle United manager will continue to act as a senior advisor to the club.
The announcement came following discussions between McClaren and Derby's administrators on Monday.
A statement from the club said: "The talks between both parties were amicable and as part of those discussions the club's joint administrators expressed their desire to retain McClaren on a part-time consultancy basis.
"It was agreed that McClaren will continue to act as a senior advisor as the club and joint administrators look to navigate through the administration process."
The statement added that McClaren had, prior to Monday's talks, voluntarily offered to leave his role "in order to help to preserve other jobs across the football club".
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