Corbin had a 112-146 record with Utah and guided the team to winning records in two of his three full seasons and a play-off appearance in 2012 but they are coming off a 25-57 campaign in which they finished last in the Western Conference
"I would like to thank Ty and his staff for all of their hard work, dedication and professionalism over the last three-plus seasons," said Jazz general manager Dennis Lindsey.
"This has not been an easy decision, but after a thorough review process, we as an organisation feel that this is the best decision for our franchise moving forward."
Corbin took over as head coach on February 10, 2011, following the resignation of longtime coach Jerry Sloan. Prior to his promotion, Corbin served as an assistant coach for the Jazz under Sloan from 2004-2011.
He also played for nine teams during a 16-year NBA career (1985-2001), including three seasons with the Jazz from 1991-94.
The decision to part ways with Corbin means Utah will be one of at least three teams who will have new coaches next season as the New York Knicks fired Mike Woodson earlier on Monday and Rick Adelman retired as coach of the Minnesota Timberwolves.
"(Ty) and his family have been an important part of our team and community for many years," said Jazz president Randy Rigby.
"They will always remain a part of the Jazz family."
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