Monaco have sacked Leonardo Jardim after winning a single match in Ligue 1 this season.
Jardim led the club to Ligue 1 glory in the 2016-17 campaign, ending Paris Saint-Germain's stranglehold on the title, and reached the semi-finals of the Champions League in the same season.
But Monaco's talented young squad has been decimated by sales since then, with stars including Kylian Mbappe, Bernardo Silva, Thomas Lemar, Fabinho and Benjamin Mendy departing.
And Jardim has paid the price for Monaco's poor start to the season, which has seen them take just six points from nine league matches, while Champions League defeats to Atletico Madrid and Borussia Dortmund leave them bottom of Group A.
Speaking to the club's official website, Jardim said: "I'm grateful and proud to have been AS Monaco coach for more than four years.
"I've always given my very best and worked with passion. We achieved some great victories together and I'll always keep those memories."
Jardim departs amid growing speculation that Henry, who started his professional career at Monaco, is poised to become the club's new head coach.
Henry, Arsenal's record goalscorer who also represented Barcelona, Juventus and New York Red Bulls, was previously linked with the now-taken Aston Villa post but is heavily fancied to take his first head coach role with Monaco.
Monaco have yet to comment on the speculation, with vice-president Vadim Vasilyev paying tribute to the departing Jardim.
"I want to thank with deepest respect Leonardo for all the work done," he said.
"Leonardo has established himself on the bench of AS Monaco as a reference in Europe and leaves behind a very positive balance sheet.
"His tenure will remain as one of the most beautiful pages in the history of the club. Leonardo will still be part of the AS Monaco family."
Jardim took over at Monaco in 2014 and counts the likes of Sporting CP, Olympiacos and Braga among his former clubs.