Imanol's adventure in Saudi Arabia has lasted less than six months.
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After joining Al Shabab this summer, the Basque coach was dismissed following a run of poor results, culminating in a 2-5 defeat at the hands of Al Ahli.
Drifting near the relegation zone, the Riyadh-based team has been one of the biggest disappointments of the season.
Imanol left Real Sociedad at the end of last season ahead of taking the Al-Shabab post.
Among the names mentioned as a potential replacement are Gus Poyet and Walid Regragui.