The 51-year-old took charge at the club, who were beaten by Manchester United in the Champions League last week, on a six-month deal in June.

However, the team have failed to emulate the success which saw them lift their domestic title last season and qualify for the Champions League for the first time.

Rioch's contract will not be renewed after it expires on December 31, even though a replacement is yet to be found.

Director of sport Lynge Jakobsen said: "On the coaching front, we're searching for a long-term solution. We will announce when we have an agreement in place with a new head coach."

Rioch's last match in charge will be the Champions League return against United at Old Trafford on December 10. The former Scotland international also has another game against Celtic to come on November 25.