The 42-year-old was appointed by the principality side last December and led them to a ninth-place finish in the 2019-20 Ligue 1 season, which was ended early due to the coronavirus pandemic.
He was only in charge for 13 matches in all competitions, winning five, drawing three and losing four.
A club statement read: "AS Monaco announce that the club has launched a procedure leading to the departure of Robert Moreno. The Spanish coach was informed of this in a preliminary meeting on Saturday."
Monaco vice-president Oleg Petrov said: "Our paths parted sooner than expected but I would like to thank Robert Moreno for accepting the challenge.
"Together with his staff, Robert has done his utmost to improve the team, with enthusiasm and dedication of his time. I wish him all the best for the future."
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