Oscar Fernandez will take over as a caretaker manager till the club sign a coach on a permanent basis, Valencia said in a statement.

The Mediterranean club had a miserable week, losing to underdogs Rosenborg 2-0 in the Champions League before collapsing against Sevilla.

Flores departure comes just three days before Valencia play La Liga leaders Real Madrid.

He assumed full responsibility over the display and result against Sevilla.

Valencia are four points behind title holders Real and root Group B in the Champions League with three points from as many games.

According to the statement, the board of directors voted Flores out after discussing the team's situation in the domestic and European leagues.

The 42-year-old coach took Valencia job in the summer of 2005 and failed to win a title at the Mestalla.