"Unfortunately our team didn't qualify for the Europa League and didn't reach the Russian Cup final," Chechnya's strongman leader Ramzan Kadyrov, who serves as honorary Terek president, wrote on his official page.
The Chechen capital Grozny will stage the Cup final for the first time on June 1 with champions CSKA Moscow facing Anzhi Makhachkala.
Former Anzhi, Lokomotiv Moscow and Kuban Krasnodar coach Yuri Krasnozhan would replace Cherchesov, Kadyrov said.
Kadyrov criticised the former Russia goalkeeper, who was appointed Terek coach in September 2011 shortly after the sacking of Dutchman Ruud Gullit.
"I think of Cherchesov as being a good coach but he has made serious tactical mistakes," Kadyrov said, listing a series of complaints, including a "failure to prepare the team properly".
"Cherchesov also didn't give our local players much chance to show themselves," added Kadyrov, who last month insulted FIFA referee Mikhail Vilkov over a loudspeaker calling him a "donkey" after he red-carded his team's captain.
"This is not how you would raise the fighting spirit of your team and lead them to victory. Therefore, we have decided to part company with this coach."
It would be interesting to see how long Krasnozhan, 49, could last in Grozny after being sacked by three Premier League clubs in less than two years for reasons other than on-field performances.
Krasnozhan was hired by Lokomotiv before the 2011 campaign after guiding Spartak Nalchik to a respectable sixth place finish the previous season but they fired him a few months later despite being among the leaders at the time.
Lokomotiv said he was fired for "negligence in his job" following a controversial defeat by Anzhi Makhachkala.
In December 2011, Krasnozhan was named Anzhi coach but this time he lasted only five weeks before being sacked by the wealthy club from the volatile North Caucasus region.
He was named Kuban coach last August but was fired four months later following a disagreement with the club's bosses.
- Sports & Recreation
- Ramzan Kadyrov
- Lokomotiv Moscow
- Yuri Krasnozhan
- Anzhi Makhachkala