The former Arsenal and France midfielder joined Les Coureurs - who are majority owned by Todd Boehly and Clearlake Capital - last year following his departure from Crystal Palace.
During his first and only campaign in charge of Strasbourg, Vieira oversaw a mediocre campaign in which he managed just 13 wins from 38 matches, in addition to nine draws and 16 defeats.
Vieira took Strasbourg to the quarter-finals of the Coupe de France, but they could only muster a 13th-placed finish in the Ligue 1 table, comfortably 10 points clear of the drop zone and eight adrift of the top half.
However, the French club confirmed on Thursday that they were no longer in collaboration with the 48-year-old, saying in a curt statement: "Racing Club de Strasbourg Alsace and Patrick Vieira have ended their collaboration by mutual agreement."
Strasbourg president Marc Keller - who sanctioned a three-year deal for Vieira upon his arrival - gave the Frenchman his thanks, saying: "We would like to express our gratitude and thank Patrick for the work he has accomplished during this first phase of the project and we wish him much success in the future. He will always be welcome at the club."
Vieira leaves Strasbourg after 'criticising' project
According to French outlet L'Equipe, Vieira faced the music due to a combination of factors, firstly failing to oversee an on-field transformation regarding Strasbourg's style of play.
Sporting director Pascal De Maesschalck supposedly took notice of Strasbourg's lack of progress under Vieira, although the ex-Arsenal and France midfielder had his own grievances with the owners.
The report alleges that Vieira was critical of the club's project, while he also took issue with the owners' player recruitment and their choice of technical staff, meaning that a parting of the ways was inevitable.
While the French World Cup winner is now unattached, journalist Fabrizio Romano reports that he has already attracted interest from the USA, who are looking for a new head coach after parting ways with Gregg Berhalter.
Ex-Liverpool manager Jurgen Klopp was reportedly approached by the Stars and Stripes, but the German turned down the role, as he is still intent on taking a year out from football after his Anfield exit.
Strasbourg's first fixture of the 2024-25 Ligue 1 season comes away to Montpellier HSC on August 18.