The Spanish club have picked up just one point from their opening five matches, a run that included a heavy 5-0 defeat to Barcelona last weekend and left them bottom of the table.
Valencia B coach Oscar Sanchez will take interim charge of the first team as the club searches for a permanent successor to lead the sporting project going forward.
Corberan, 43, was appointed in December 2024 after arriving from Championship side West Bromwich Albion, taking over a Valencia side that was second-bottom of La Liga at the time of his arrival.
The Spaniard guided Valencia to safety before securing a 12th-place finish last season, though the club had finished ninth the year before his arrival at the Mestalla.
His entire first-team coaching staff will also leave the club as part of the wider shake-up announced on Sunday, less than two months after his contract had reportedly been extended.
"This decision reflects the club's intention to begin a new phase for the running of the sporting structure and football operations," Valencia said in a statement. "The club will announce the new structure for its football operations and the makeup of the upcoming sporting project shortly."
Gourlay, the former Chelsea chief executive who also previously worked at West Bromwich Albion, had been in his role overseeing Valencia's football operations since December 2024.
His own team, comprising Lisandro Isei, Hans Gillhaus, Andres Zamora and Malek Shafei, will also depart the club as part of the restructuring announced alongside the coaching change.
Corberan's successor will become Valencia's 18th permanent head coach since 2012, reflecting the ongoing instability that has characterised the club under owner Peter Lim in recent years.
Valencia's supporters have repeatedly protested against Lim's ownership in recent seasons, and pressure had been building on the club's hierarchy following the poor start to the campaign.
Valencia's next fixture comes on Tuesday against Deportivo Alaves, with Sanchez tasked with arresting an alarming start to the campaign before a permanent appointment is made in the coming weeks.