Jack Del Rio broke the news following a 30-10 loss to the Los Angeles Chargers Sunday in Carson.
"I spoke to Mark Davis after the game and Mark let me know that he's not going to be bringing me back," Del Rio said at the podium. "He told me he loved me and appreciated all that I did to kind of get this program going in the right direction, but that he felt the need to change."
The Raiders are believed to be on the verge of hiring Jon Gruden, their coach from 1998-2001, as Del Rio's replacement.
Under Del Rio, the Raiders went 7-9, 12-4 and then slumped to 6-10. They lost their last four games in succession and were sloppy and non-competitive for long chunks of the season. The offense, including Derek Carr, performed poorly throughout the season.
Del Rio signed a three-year contract extension following last year's playoff season.
