Crespo stepped into his first coaching role in June last year with Italian side Modena, who had recently survived a relegation battle in Italy's second-tier.
However, the former striker wasn't able to replicate his fortunes as a player in his new managerial role, with Modena again battling against relegation, currenttly in 18th place, one point from safety with nine matches left to play.
A club statement read: "Modena FC announces that coach Hernan Crespo has been relieved of his duties as first-team manager.
"The club wishes to thank the coach for his efforts during his employment and would like to wish him the best professional fortunes."