The Ittihad board agreed on axing the Argentine tactician, citing 'the team's poor run of results in late'.
Calderon leaves Ittihad second of the Saudi league table, level on points with champions Hilal, who have a better goal difference after 18 weeks.
However, last week's Faisal bin Fahad's Cup exit is believed to have provoked Itti's decision to fire the former Saudi Arabia boss.
Egypt striker Meteb was reportedly in row with Calderon in recent weeks, but the on-loan Ahli hitman played down the allegations later.
Possible Successors
Meanwhile, Saudi reports stated that Ittihad are weighing several options in regards with the vacant position.
The majority of local papers mentioned the names of Dimitri Davidovic, Jose Peseiro and ex-Ahli coach Toni Oliveira as possible replacements to Calderon.
However, Serbian Davidovic is considered the nearest to take charge of the Jeddah giants.
Davidovic had four separate stints with Ittihad throughout the past 12 years, during which he led the team to the Saudi league title thrice.