Glasner joined Frankfurt from fellow Bundesliga side Wolfsburg in the summer of 2021 and guided The Eagles to their first European success in over 40 years, beating Rangers in last year's Europa League final.
Despite making it through to the last 16 of the Champions League this term, Frankfurt have struggled domestically and currently sit ninth in the Bundesliga standings following a 10-game winless streak.
The fact that Frankfurt have dropped from second to outside the European places appears to be a major factor in why the club's hierarchy have decided to part ways with their current boss.
"Eintracht Frankfurt have reached the decision to end their working relationship with the tactician at the end of the 2022/23 season," read a statement published on the club's website.
"The team's sporting development and overall performance in the second half of the campaign prompted club officials to reevaluate the situation, a process which led to the aforementioned decision".
Glasner will take charge of Frankfurt for their final three league matches and their highly-anticipated DFB Pokal final against RB Leipzig at the start of June.