The Hammers released the news on Saturday morning, two days before the Premier League collided in Everton on Monday night.
“The club can see that assistant coaches Bruno Salt, first-team coaches of Billy Reed and Narciss Perach, lead goalkeeper Casper Anchor Glenn and goalkeeper coach Lina Skandlin were also quick to come into effect.
“The board is grateful to Graham and his coaching staff for spending time with Hammer and wishing all their success in the future.
“The process of appointing an exchange is underway. The club will not comment any more at this time.”
Potter was appointed after Julen Lopetegui in January, leading the East Londoner to a 14th place finish.
There was hope that the results would improve this season, but four losses in the opening 5 Premier League match put pressure on Potter.
Hammer also suffered second round elimination of the Carabao Cup at the hands of Wolverhampton Wanderers under former Brighton & Hove Albion and Chelsea bosses.
Fans have been actively expressing their dissatisfaction with recent results, and there have been reports that a quick replacement could be appointed.
Various reports say former Nottingham Forest and Wolf manager Nunoespirito Santo could be on the hot seat on Monday.
