The Renegades won just two out of their 10 games last season, including two no-results, as Brisbane Heat won their second title.
The Melbourne-based franchise confirmed Saker's axing, a year before his contract was due to expire, on Friday evening, four days after a report was published about the coach's future.
"The Renegades as a club, and our members and fans, have very high expectations," Renegades general manager James Rosengarten said in a statement.
"Our performance this season did not align with our commitment to achieving ultimate success. Â
"It was therefore in the club's best interests that we make changes that give us the best chance of success moving forward - that includes a change of leadership in our senior coaching position."
It was Saker's second stint with the Renegades after he returned in 2021.
They finished last in his first season in charge, but were able to reach the finals in 2022-23.
However, the Renegades fell back down the table last season, with captain Nic Maddinson dropped due to poor form.
The Renegades aim to immediately begin their search for Saker's successor.
20°C