The 46-year-old has been relieved of his duties amid a dismal run of form which has seen the Eagles fail to win any of their last 12 matches across all competitions.
A 1-0 defeat to Brighton & Hove Albion on Wednesday proved to be the final nail in the coffin for Vieira, whose side failed to score in each of their last four games under the Frenchman.
Vieira's most recent win with the Eagles came back on New Year's Eve against Bournemouth, and prior to their defeat to Brighton, Palace became the first team on record to go three Premier League games without a shot on target.
Vieira was due to return to former club Arsenal for Sunday's Premier League battle, but the Eagles have given him the boot two days before their side take on the league leaders in North London.
Palace have also confirmed that Osian Roberts, Kristian Wilson and Said Aigoun - members of Vieira's coaching team - have also departed, but Dean Kiely will continue as goalkeeping coach.
A statement from Palace chairman Steve Parish read: "It is with enormous regret that this difficult decision has been made. Ultimately, results in recent months have placed us in a precarious league position and we felt a change is necessary to give us the best chance of retaining Premier League status.
"That said, Patrick's impact since joining us in the summer of 2021 has been significant, and he is held in the highest regard by myself, and all of his colleagues.
"He led the team to a Wembley FA Cup semi-final and respectable 12th placed finish last season playing some exciting football, which was a challenging and crucial campaign for the club given the changes we made to the squad prior to his arrival.
"Patrick has given his all to the club, and we all thank him and his team for their service. We also wish Patrick, Osian, Kristian and Said the very best for their futures."
Vieira leaves Palace with a record of 22 wins, 24 draws and 28 defeats under his belt from 74 matches, having replaced the long-serving Roy Hodgson as manager in the summer of 2021.
Under the former Nice and New York City FC manager, Palace finished 12th in the Premier League last season and advanced to the semi-finals of the FA Cup, where they lost to Chelsea.
However, the Eagles have only won six of their 27 Premier League games this term - drawing nine and losing 12 - to languish in 12th spot in the table with 27 points, three clear of the relegation places.
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