Acting president Llorenc Serra Ferrer announced the decision to dismiss the coach and revealed that there would be no rush to appoint a successor.
"We have opened channels to talk with some trainers, but we do not have a name," the Mallorca chief explained.
"Now we do not want to take such an important decision in a hurry and there are still 48 points to play for."
Serra Ferrer admitted that it was a tough decision to remove a coach who had performed well since taking over at Son Moix in October 2011.
"I respect Caparros so much. I know that we have sacked a great coach," he continued.
"We talked a lot about the situation that the team was in and we reached the conclusion that something was needed to to give us a lift for the rest of the season and achieve our aim of staying in the division.
"I would like to thank Joaquin and his coaching staff for their honour, dedication, desire and for helping the club grow in every sense."
Former Mallorca coach Gregorio Manzano and ex-Barca and Real Madrid star Bernd Schuster are being tipped as the early frontrunners to take the reins at the Balearic outfit.