The 44-year-old had been in charge at Ewood Park since May 2013 having filled the role on a caretaker basis on more than one occasion.
Rovers decided to wield the axe following a run of one win in six league games which sees the 1995 Premier League champions languishing 16th in the Sky Bet Championship.
A statement released on the club's official website clarified the reasons why he and his staff had been released.
"Blackburn Rovers can confirm that manager Gary Bowyer has left the club," it read.
"The owners felt that following a disappointing start to the season, they have to act in order to give the club the best chance of success in the remainder of the campaign.
"The owners wish to place on record their sincere gratitude for the hard work and determination Gary has given the club, both in his capacity as manager and previously as under-21 coach and within the academy, in particular during the difficult period following relegation from the Premier League.
"Rovers' owners and board of directors will begin the search immediately to appoint a new manager.
"Assistant manager Terry McPhillips, first team coaches Craig Short and Tony Grant, and goalkeeping coach John Keeley will also leave the club with immediate effect."
Bowyer leaves having presided over just three league wins this season, with the new manager set to become the sixth person appointed to the position since Venky's bought the club five years ago.
Source : PA