Clement departs Rangers - 13 points adrift of city rivals Celtic at the top of the Premiership - at a time when the club are in talks about a multi-million pound investment by a United States-led consortium which includes Paraag Marathe, president of 49ers Enterprises.
Although he led the Light Blues to the last 16 of the Europa League, where they will face Fenerbahce next month, the 50-year-old vacates his position at Ibrox with the Gers well adrift of Celtic at the top of the league and set to end the season without a domestic trophy.
The Glasgow club have struggled badly on their travels this season, winning only five of their 13 away matches in the Premiership, but their relatively strong home form at least kept them clear of the pack in second place and helped quell some of the ongoing scepticism about Clement's suitability for the role.
The former Club Brugge and Monaco boss also briefly hauled them into title contention last season, but they eventually finished eight points adrift of Celtic and he was never able to recapture the promising form of his early months in the job.
However, their last two Ibrox results have effectively signalled the end for Clement, who described Saturday's display in the 2-0 defeat by St Mirren as "by far the worst I've seen in all the time I've been here".
