Joaquin Caparros will leave Levante after the club confirmed that contract negotiations broke down overnight.
The Coach guided the Granotes to 10th in the table last term and had been set to sign a two-year extension.
However, according to several reports, the tactician and the Ciutat de Valencia side disagreed over money, and have now parted ways after just one season.
In a statement on their website, the club confirmed: “We regret that, despite our efforts to reach an agreement, we have not been able to come up with a solution.
“Levante would like to thank Joaquin Caparros and his coaching staff for their professionalism, hard work and dedication during the 2013-14 season.”