Neville, who is also a coach in Roy Hodgson’s England set-up, was a surprise replacement for Nuno Espirito Santo last December, but felt he could hardly turn down the offer to start a managerial career in such a high-profile role.
However, with Valencia languishing in 14th place in the Primera Division, Neville was sacked with former Liverpool assistant Pako Ayestaran taking over as caretaker until the end of the season.
“The club thank Gary Neville for his work and wish him the best of luck for the future.”
The long-serving Manchester United right-back, just returned from England’s double-header against Germany and Holland, reciprocated Valencia’s thanks with a short message on the Spanish side’s website.
“I want to thank Valencia, the fans, the coaching staff and players,” he said.
“I would have liked to continue the work I started, but I understand that we are in business based on results and in 28 games we have seen 10 wins, seven draws and 11 defeats, which is not the level demanded by me or by this club.”