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University of Miami Athletic Director Kirby Hocutt announced the dismissal of Randy Shannon late Saturday evening.
CaneSport first reported the firing early Saturday night.
"We have made a decision to seek new leadership for our football program," Hocutt said in a statement. "Our expectations are to compete for championships and return to the top of the college football world. We will immediately begin a national search."
Hocutt will address the media Sunday at 1 p.m. from the Edgerrin James room within the Athletics Department.
Multiple sources have told CaneSport that Shannon's staff will also be fired.
Word of the decision began filtering through players and coaches in the mid-evening hours that followed the stunning overtime loss to South Florida on Saturday.
Players were said to be very upset, feeling that they let Shannon down.
An emergency team meeting has been called for Sunday morning.