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Baraja returned to his former club in 2022-2023, taking over a team that had slipped from 14th to 18th in the standings since the dismissal of Gennaro Gattuso. 

The Spaniard secured LaLiga survival by a two-point margin on the final day before renewing his contract at the club for another two years. 

Baraja then led Valencia to a ninth-placed finish in the Spanish top-flight the next season, missing out on European football by eight points. 

However, he has failed to replicate that form this term, with Valencia sitting 19th in the table and four points from safety. 

"The club would like to publicly thank Baraja for the passion, dedication and commitment that he has shown from the first to the last day of his tenure in charge," Valencia said in a statement. 

"Baraja is one of the greatest legends in the history of Valencia CF. After his return to the club in a coaching role in February 2023, he helped stabilise the team in a complicated situation, and last season he contributed to implementing competitive values that brought Valencia CF closer to the fight for European positions.

"The dynamic of results during this season has required a decision that has been very difficult to make, but which has been taken with the aim of turning the situation around and achieving better results."

Baraja's final game saw Dani Gomez net a last-gasp equaliser in the eighth minute of second-half stoppage time to draw 2-2 with Alaves. 

During his time in charge, Baraja oversaw 78 games in all competitions, winning 26 (D20 L32), averaging 1.26 points per game. 

He ended with a win percentage of 33.33%, only managing better at Tenerife (42.86 percent) and Sporting Gijon (46.51 percent) across his managerial career. 

Up next for Valencia is their rearranged fixture against Real Madrid on January 5 after the original match was postponed due to flooding across the region.