Bielsa parted ways with the Premier League club on Sunday after a poor run of results that culminated in a 4-0 drubbing at the hands Tottenham.
The Argentine took the reins in 2018 and steered the club back into the top flight after 16 years in exile.
He was received with plenty of love and adulation from the fiercely loyal Leeds fans, many of whom backed the manager right until the end.
The club's chairman Andrea Radrizzani admitted it was the hardest decision he has had to make during his tenure.
In their statement, Leeds added: "Plans for a permanent tribute to Marcelo at Elland Road are under way and more information will be released in due course."
Despite the manner of Bielsa's exit, with four straight heavy Premier League defeats, there will be plenty of fond memories that fans will look back on.
Former Leeds defender Danny Mills told talkSPORT: "He will be hero worshipped for what he did for the club, and rightly so. He was absolutely outstanding.
"But results, and performances, and the way they are playing at the moment - they are heading in one direction.
"Yes, he will always be a hero for getting them promoted, but you can't take them down and get beaten by four, five, six and sevens every week."
The writing was perhaps on the wall for a little time now, with little room for senitiment in football.
Mills admitted that it was the right call as they could be relegated back to the Championship.
He said: "It's not really a surprise. There were rumours flying around yesterday afternoon and there were rumours before the game that Marcelo Bielsa's job was under serious threat, despite what the result was going to be.
"The fact that it was so poor, and the performance was poor, just compounded everything.
"Clearly the board feel like they need to make a change. The fans are very angry at the moment that the club is still very silent.
He continued: "It's a little bit Arsene Wenger. When everyone kept saying 'you need a goalkeeper, you need a centre-half, and a central midfield player'.
"The more people told him that, the more he said no and would do it his own way and prove them wrong.
"Of course, it didn't work in the end. You've got new potential big investment from the San Francisco 49ers.
"The current owner is trying to sell it. There's an issue coming up with Jean-Kevin Augustin court case, which could cost Leeds another £20million.
"Clearly they thought they cannot afford to go down and if they keep playing that way, they would go down."