News of his dismissal comes less than a day after Slavia Prague eliminated the Spanish club from the Europa League in dramatic fashion, winning 6-5 on aggregate.
A statement on the team's website reads: "Sevilla FC have made the decision this Friday to part company with First Team coach, Pablo Machín following a string of poor results in past weeks.
"Director of Football, Joaquín Caparrós will take the reigns with immediate effect, with Carlos Marchena and Paco Gallardo acting as assistants. The veteran coach will take training today and will be on the Sevilla bench this Sunday when the team travel to Cornellá to face Espanyol.
"He will act as coach until the end of the season. Caparrós will have experience in this role, having taken over from Vincenzo Montella in similar circumstances last season."
Manchin was less than a year into the two-year contract he signed last summer after leaving Girona.
Prior to Thursday's shocking defeat in extra time - which saw Slavia Prague move on to the quarterfinals courtesy of Ibrahim Traore's winning goal in the 119th minute - the five-time Europa League winners beat Real Sociedad to end a three-match losing streak which included defeats against La Liga basement dwellers Huesca, Barcelona, and Villarreal.
Sevilla sit in sixth place in La Liga - five points adrift from the final Champions League spot in the Spanish league - heading into Sunday's match against Espanyol.