Palermo are preparing to make their fifth managerial appointment of the season after dismissing coach Gian Piero Gasperini for the second time this year.
Palermo are currently bottom of the Serie A table, level on points with Pescara, and Gasperini - who returned to the club on February 24 - has paid the price for Sunday's 2-1 home defeat to relegation rivals Siena.
The former Inter Milan boss had seen his previous stint at the club come to an end on February 4 replaced the following day by Alberto Malesani, who lasted only 19 days.
A club statement read: "After a meeting between administrative director Giorgio Perinetti and Gian Piero Gasperini, Palermo can announce it has reached an agreement for a consensual termination of the coach's contract.
"The owner has tasked the director with assessing who should take control of the first-team squad."
Giuseppe Sannino, who was sacked in September after only three games in charge, has been tipped to return to the Stadio Renzo Barbera, but president Maurizio Zamparini appears to have little hope that relegation can be avoided.
He told Monday's Corriere dello Sport: "We won't be able to save ourselves now. It's folly to think we can do it.
"We would need a lot of luck and for our players to act as if they're men rather than baby food. I don't know what they are made of.
"I'm not giving up, but the maths reads otherwise. In my 30 years in football I faced relegation twice with Venezia, and on both occasions we returned to Serie A."
Palermo are currently five points from safety.
Information from the Press Association was used in this report