The 44-year-old's departure from the League One club comes after Tuesday night's 3-1 defeat at Yeovil.
A club statement said: "Preston North End Football Club can confirm that Graham Westley has left his position as manager.
"Graham oversaw a fundamental change in reducing the wage bill in line with the financial fair play criteria and brought together a whole new squad of players last summer.
"After an initially encouraging start to the season regrettably results have not been acceptable and the Board felt that a change of manager was the only way forward.
"Graham leaves with our thanks and best wishes for the future.
"An announcement regarding interim management arrangements will be made on Thursday, February 14."
After the loss at Huish Park, the former Stevenage boss insisted that he would not resign from his post.
"I'm a professional person and when things aren't working it is my responsibility to do what I can to put them right," he said.
"I have never walked away from anything in my life and don't expect me to."
Westley leaves the Lilywhites just five points above the relegation zone, with only one win in the competition since November.
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