Ferrer, a former Spanish international, led Cordoba into La Liga for the first time in 42 years last season, but has been relieved of his duties following a poor start to the campaign.
Cordoba are yet to win in La Liga this season, with just four points from eight games leaving them bottom of the table.
"Albert Ferrer has ceased to be the first-team manager of Cordoba Club de Futbol. The manager was informed of the decision at a meeting which took place in the offices of the club," read a statement.
"Cordoba CF wishes to thank Albert Ferrer for the hard work he has headed during this time, recognising that his name will remain firmly tied to the history of Cordoba CF, having achieved during his tenure, promotion to the Primera Division after 42 years of waiting."
An announcement regarding a replacement is expected in due course.