Former Barcelona, Chelsea and Spain defender Ferrer guided the Andalusians to their first promotion to La Liga in 42 years with victory over Las Palmas in the Segunda play-off final back in June.
But Cordoba's dream return to the top tier has quickly turned into a nightmare, with Ferrer's men taking just four points from their opening eight games to sit bottom of the table.
And, following a 2-1 home defeat to Malaga on Saturday, the club's hierarchy have chosen to act to try to remedy the situation by removing the 44-year-old from his post.
A statement on Cordoba's official website read: "Cordoba CF would like to thank Albert Ferrer for the work that has taken place during this time, recalling that his name will be tied to the history of Cordoba having achieved promotion to the first division after 42 years of waiting."
Cordoba start life without Ferrer when they welcome fellow strugglers Real Sociedad to Estadio Nuevo Arcangel on Saturday.