However, athletic director Paul Dee told a news conference Coker would coach a bowl game if the Hurricanes are invited to a post-season contest.
Following a 17-13 win over No. 18 Boston College Thursday night, Miami finished the regular season 6-6.
Coker was told of the decision early Friday. He has three years remaining on his contract, which pays him nearly $2 million a year, ESPN reported. The school would still owe him between $2.4 million and $3 million in a buyout, the report said.
The 58-year-old Coker won more games in his first six seasons than any other Hurricanes coach except Dennis Erickson, and has won more games in the last five years than all but five Division 1-A coaches, ESPN said.
Coker had a winning percentage of nearly 80 percent, won a national championship in 2001 and played for another title the following season, but the Hurricanes had tepid seasons over the last two years.
Notable deaths of 2014 [PHOTOS]