Jardim, who led Monaco to the Ligue 1 title a year ago, is reportedly set to leave the club during the worldwide break, with Aston Villa-linked Thierry Henry believed to be in talks with the 18th-placed side.
Jardim, who has endured a torrid start to the 2018/2019 season has lost five of his opening nine games of the season, leaving the club at a lowly 18th in the table.
"I am grateful and proud to have been able to manage Monaco for over four years", Jardim said. I have always given the best of myself and worked with passion.
Quite notably, Portuguese boss Jardim was responsible for the revival of Monaco, winning the title in 2017 - their first since 2000.
Monaco chief executive Vadim Vasilyev added: "I want to thank Leonardo with deepest respect for all the work he has done".
Monaco are set to name former Arsenal and France striker Thierry Henry as their new manager.
"Leonardo has established himself on the bench of AS Monaco as a reference in Europe and leaves behind a very positive balance sheet".
"His passage will remain as one of the most handsome pages in the history of the club".
Henry started his playing career at Monaco in 1994 and he was part of the side that won the French title in 1997 under Jean Tigana.
Monaco defender Benjamin Henrichs has revealed his intrigue at the possibility of working under Thierry Henry at the Stade Louis II.
Henry, who had been courted by Championship side Aston Villa, is now assistant to Roberto Martinez with the Belgium national team.
"For me, he's an extraordinary player, a legend of Arsenal", he told L'Equipe.
Dean Smith has instead been appointed as the new head coach of Villa, with John Terry named as his assistant.
Henry was reportedly set to take his first step in management at Ligue 1 club Bordeaux this summer, but that never materialised.