Nets assistant coach Tony Brown has been appointed interim head coach and will take charge until the end of the season, while a search for King's replacement will begin immediately.
"After careful consideration, I've concluded that it's time for a fresh start and a new vision for the direction of the team," said Nets owner Mikhail Prokhorov in a statement on Sunday. "By making this decision now, it enables our organization to use the rest of the season to diligently evaluate candidates with proven track records.
"It's clear from our current state of affairs that we need new leadership. With the right basketball management and coach in place, we are going to create a winning culture and identity and give Brooklyn a team that it can be proud of and enjoy watching.
"We have learned a great deal during the past six years and our experiences will guide us for the future. Following the consolidation of team ownership last month, I can assure you that I'm more determined and committed than ever to build a winner."
The Eastern Conference side have the third worst record in the NBA, sitting 10-27, and look unlikely to make the playoffs for the first time in four seasons.