Mourinho's position was the subject of continual scrutiny last seasonMourinho, 44, joined Chelsea in June 2004 and led them to the Premiership title in each of his first two seasons.
But his relationship with Blues owner Roman Abramovich grew increasingly troubled and he quit despite having three years left on his contract.
Former Chelsea player Didier Deschamps has emerged as one of the frontrunners to replace Mourinho, although Russia manager Guus Hiddink is also likely to be among the contenders.
Deschamps is being tipped to take charge at Stamford Bridge
Meanwhile, Peter Kenyon, the club's chief executive, Bruce Buck, the chairman, and Abramovich's key aide, Eugene Tenenbaum, were called to an emergency meeting at Stamford Bridge last night to discuss the emerging crisis.
Former Israel coach Avram Grant, recruited in the summer as director of football, is expected to take charge of the side for Sunday's Premier League clash with Manchester United.
A statement on the Chelsea website confirmed: "Chelsea Football Club and Jose Mourinho have agreed to part company today (Thursday) by mutual consent."
Many of Chelsea's staff and players had been enjoying a relaxing evening at a Fulham Broadway cinema last night as they watched a screening of "Blue Revolution" - a new documentary about the Abramovich years.
But senior players such as Terry and Frank Lampard were absent and the remainder, except a reluctant England winger Shaun Wright-Phillips, refused to talk to the media.
Mourinho also attended the evening but ignored the waiting media and looked decidedly glum.
The Portuguese made a massive impact at Chelsea after joining them from Porto, whom he guided to Champions League glory in 2004.
Last season, the Blues finished runners-up to Manchester United but won both the FA Cup and Carling Cup, a trophy they had also collected in 2005.
Mourinho's achievements also saw him voted as Premiership manager of the year in 2005 and 2006.
Mourinho's Chelsesa Record
2 June, 2004 - Appointed manager
27 February, 2005 - Wins Carling Cup 3-2 v Liverpool
30 April, 2005 - Beat Bolton 2-0 to win Premiership title
4 May, 2005 - Signs new five-year contract
29 April, 2006 - Beat Man Utd 3-0 to win Premiership again
27 February, 2007 - Beat Arsenal 2-1 to win Carling Cup
19 May, 2007 - Win FA Cup by beating Man Utd 1-0 at Wembley
19 September, 2007 - Leaves Stamford Bridge
2 June, 2004 - Appointed manager
27 February, 2005 - Wins Carling Cup 3-2 v Liverpool
30 April, 2005 - Beat Bolton 2-0 to win Premiership title
4 May, 2005 - Signs new five-year contract
29 April, 2006 - Beat Man Utd 3-0 to win Premiership again
27 February, 2007 - Beat Arsenal 2-1 to win Carling Cup
19 May, 2007 - Win FA Cup by beating Man Utd 1-0 at Wembley
19 September, 2007 - Leaves Stamford Bridge
The BBC understands the impasse between Mourinho and Abramovich came to a head after their 2-0 defeat to Aston Villa earlier this month.
Mourinho has been at loggerheads with the Russian since their disagreement over the lack of funds to sign players during last January's transfer window.
Mourinho's reluctance to play Ukraine international Andriy Shevchenko, brought in by Abramovich at a cost of £31m, and the Russian's desire to bring in Grant from Portsmouth to work with the misfiring striker only served to heighten the tension.
Abramovich wants his team to win trophies but also play with style
Former Chelsea player Pat Nevin says that behind the scenes movements were key to Mourinho's departure.
"He's a very individual man and he thinks he should be the power at the club," said Nevin.
"If you put someone of that ego, and I say that in a likeable way, in charge and then you tell him you're not quite in charge, then I think it was a recipe for disaster."
"It suited both parties that he went," said Legard. "They've had an uneasy relationship, to put it mildly."
Mourinho still had three years left on his contract, worth reputedly around £5m a year, after agreeing a new deal in May 2005.
At the time he signed that deal, he said: "My heart is with Chelsea and the fantastic group of players that I have but the vision of the owner and the board for the future of Chelsea is also one I want to be a part of.
"I cannot imagine another situation or another club where I could be happier. I am totally behind this project."
Deschamps, who captained France to glory in the 1998 World Cup and Euro 2000, is now one of the names in the frame to replace Mourinho.
Deschamps began his coaching career with Monaco before joining Juventus, but he resigned from the Italian club in May 2007 and is currently unemployed.
Source: BBC.co.uk
. Mourinho chole gele Chelsea khelbe kivabe ?! Onek star thakleo Chelsea bhalo chilo Mourinho'r jonno. Deschamps na ki jeno, o jai koruk, Chelsea ke ebarer moto Rakhte parbe na. Impossible. Abrahomovich bhul korlo. Mourinho ke rakha ucit chilo. 
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