Deeney was a shock hire to replace David Horseman as manager of Forest Green on December 20 - the first managerial job the former Watford star had taken.
But it is all over after less than a month in charge with club chairman Dale Vince making the decision to axe the 35-year-old on Thursday night.
The decision came hours after the EFL handed Deeney a four-match ban after his behaviour against Swindon on December 29.
In the 85th minute, he was sent off due to improper conduct and also using abusive and/or insulting language towards a match official.
Deeney's whirlwind spell in charge also included him apologising for harsh comments made about Fankaty Dabo and another player to the media.
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As well as dubbing the ex-Coventry star 'awful', he also laid into his side by branding them 'babies' and that he would 'rather watch Antiques Roadshow' after a defeat to Harrogate.
The comments infuriated chairman Vince, who was asked about the incident while at a charity cook-off outside Wembley on Thursday morning.
"I think it was a mistake," Vince to,d talkSPORT. "I know that he apologised for it, so I think he sees that.
"I think it was wrong to talk to the players in that way. Some of the things he said were just wrong. They were harsh, they were wrong.
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"I don't think that's the way to coach people, to bring a team of people together. I think it was probably driven by emotion. He was frustrated by the end of that game, but we're all human and stuff happens."
Forest Green did not win a match under the former striker, who oversaw three draws and three defeats in his brief time in the dugout.
They are currently bottom of League Two, seven points from safety.
Deeney had signed as a player-coach in the summer, scoring four times in the league in 16 appearances before being named manager.