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“Watford Football Club can confirm that Quique Sanchez Flores will leave Vicarage Road at the end of the season following the Sunderland game this weekend,” read a statement on the club’s website.
“We would like to thank Quique. He and the team achieved the target set them at the start of the season of staying in the Premier League for a second year.
“Quique leaves with all our best wishes for the future and the knowledge he is always welcome at Vicarage Road.”
The 51-year-old Spaniard was only appointed last summer and will leave despite leading the Hornets to mid-table security in their first season back in the Premier League and an FA Cup semi-final.
Watford started the season well but have struggled recently and have lost three of their last four matches, including a 4-2 defeat at Norwich City on Wednesday.
The Hornets are 13th in the Premier League, but have won just two of their past 11 top-flight games.
The club are now looking for their seventh full-time manager since being taken over by the Pozzo family, who also own Italian club Udinese and Spanish side Granada, in June 2012.
Sanchez Flores, who played for Valencia, Real Madrid and Spain, may now return to his home country, where he has enjoyed success as a coach in the past, notably winning the Europa League with Atletico Madrid in 2010.
