Chizik, who led the Tigers to a national championship two years ago, was let go after Auburn finished off a disappointing 3-9 season with a humiliating 49-0 loss to arch-rival Alabama Saturday in the annual Iron Bowl.
"After careful consideration and a thorough evaluation of our football program, I have recommended that Coach Chizik not be retained," Jacobs said in a statement. "(Auburn) President (Jay) Gogue has accepted my recommendation. Earlier this morning, I informed Gene that he will not return as head coach."
Chizik guided the Tigers to a 33-19 record over four seasons, including a perfect 14-0 season in 2010 and the BCS National Championship with the help of Heisman Trophy-winning quarterback Cam Newton.
The Tigers went 8-5 in his first season in 2009 and again in 2011.