According to local media, the former Argentina international will lead the club for the last time on Sunday against Platense for the second match of the championship.
Tevez's departure comes after the club failed to qualify for the final phase of the Argentine League Cup and lost their first league match of the season 3-1 at home to Talleres de Cordoba.
The 40-year-old arrived at Independiente, a club from the province of Buenos Aires, last August and saved them from relegation.
His record was 14 wins, 11 draws and six defeats in 31 matches.
Despite a rich history seven-time Copa Libertadores winners Independiente are also struggling off the pitch with a financial crisis.
Before Independiente, Tevez made his coaching debut in 2022 with Rosario Central, resigning after five months due to differences with club management.
Tevez's playing career included successful stints in the Premier League with both Manchester clubs, as well as a spell with Juventus in Italy before his third and final playing contract with Boca Juniors.
At Manchester United he won two Premier League titles and the 2008 Champions League.
He helped Manchester City win the 2011-12 Premier League, their first English league title since 1968.
At international level he won 76 caps for Argentina, and was a member of the 2004 Olympic gold medal-winning team.
