The Scottish giants currently sit second in the Premiership table but are 13 points behind leaders Celtic and were recently eliminated from the Scottish Cup by Queen's Park.
In a statement the club said: "Rangers Football Club can confirm it has tonight parted company with men's first-team manager, Philippe Clement.
"The club would like to put on record their sincere thanks to Philippe for his hard work and dedication during his spell in charge.
"A further update from the club will follow in due course."
Clement arrived in Scotland back in October 2023 to replace Michael Beale and endured an unbeaten start to his tenure that included winning the Scottish League Cup - before being defeated by rivals Celtic in the Old Firm derby to end the undefeated streak.
Rangers finished second in the league last season under Clement's guidance while also losing in the Scottish Cup final to Celtic.
A similar scenario played out in this season's League Cup final with the Gers losing on penalties to their Glasgow rivals.
Clement departs having won just one trophy with Rangers and leaves the club with the Europa League as their only chance of silverware for the current campaign.