The Eagles have pulled the trigger after winning just one of their last 14 Premier League games.
Palace now find themselves in a battle for survival in the top flight after losing to arch-rivals Brighton on Tuesday.
and is currently in the hunt for a replacement for Vieira.
The bookmaker said that the favorite was Rafa. Ex-Liverpool boss Benitez, former Southampton boss Ralph Hasenhuttl and ex-Spurs boss Nuno Espirito Santo.
Other candidates include Marcelo Bielsa, Michael Carrick and Vincent Kompany.
Besides the French The Londoner has also parted ways with coaches Ocean Roberts, Christian Wilson and Said Aigoon.
President Steve Parish said: “We deeply regret this difficult decision.
“Ultimately, the results of the past few months have put us in an uncertain position in the league. And we feel the change is necessary to give us the best chance of securing Premier League status.
“As said, Patrick has been a huge influence since joining us in the summer of 2021 and he is highly regarded by myself and all my colleagues.
“He led the team into the FA semi-finals. Cup at Wembley and a respectable 12th place finish last season with exciting football. It has been a very challenging and crucial season for the club given the changes we made to the team prior to his arrival.
“Patrick has given everything he has to the club. And we all thank him and his team for their service.
“We wish Patrick, Ocean, Christian and Said all the best for their futures.”
Vieira has managed 65 Premier League games with the Eagles and has a 26 per cent win rate.
“We say season upon season with the club: can they get a centre forward who could score them 10-15 goals?
“They have evolved… they do try to dominate the football now & create chances, which Patrick implemented, but they’re not clinical enough. It’s the same old story.”