Smith was informed of the decision by general manager Phil Emery on Monday, a day after the Bears beat Detroit to finish 10-6 but still missed out on a playoff spot.
Smith led the Bears to a Super Bowl, but also saw his team collapse in the second half of the past two seasons. Hired in 2004, Smith led the Bears to three division titles, two NFC title games and a Super Bowl appearance in his nine seasons. His record is 81-63.
The Bears scheduled a news conference Tuesday to discuss the move.
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