Pocognoli was appointed earlier in the season after the club dismissed Adi Hutter in October, but his spell in charge has now come to an end following a mixed run of results.
The Belgian coach won 16 of his 38 matches at the helm, but Monaco’s form collapsed at a crucial stage of the campaign.
Back-to-back defeats against Lille and Strasbourg ultimately cost them a strong push for Champions League qualification.
Although Monaco secured a place in the Conference League play-off thanks to Lens’ Coupe de France victory, the club hierarchy were not convinced Pocognoli was the right long-term solution.
Reports suggest a wider restructuring is now underway at the club, with further departures possible.
Former Lille boss Bruno Genesio has already been linked as a potential replacement, though he is also attracting interest from Marseille and Paris FC.