The 50-year-old had been set to leave in the summer but has now followed Eusebio di Francesco out of the Stadio Olimpico, following the club's Champions League exit.
Arsenal stepped up their bid for Monchi earlier this year when head of recruitment Sven Mislintat announced he was quitting after just 13 months in his role.
The Spaniard worked with Gunners manager Unai Emery at Sevilla, and together they masterminded the team that won three successive Europa League trophies.
A club statement confirmed: "AS Roma and sporting director Ramon Rodriguez Verdejo, more commonly known as Monchi, can confirm that the two parties have reached a mutual agreement to bring an early end to their professional relationship.
"The club would like to thank Monchi for his work while at the club."
Ex-Leicester, Chelsea, and Fulham boss Claudio Ranieri is expected to announce his return to take charge of Roma as head coach until the end of the season.
Monchi had only been with the Serie A side for two years, having been poached from La Liga club Sevilla, where he cemented his reputation as a star maker.
During his time with the Spanish club, Monchi overhauled their scouting operation and was responsible for them spotting Ivan Rakitic, Dani Alves, and Steven N'Zonzi.
Sevilla made a profit of almost £200m in the transfer market during his stay, which also saw the club win a hat-trick of Europa League titles.
He has also helped with Roma's own scouting department and played a key role in persuading Justin Kluivert to join them last summer.
The former goalkeeper is also credited with signing the likes of Cengiz Under, Aleksandar Kolarov, Maxime Gonalons, and Javier Pastore to the Italian club.
Monchi said of his departure: "I would like to thank President Pallotta, the club’s management, staff, players and fans for their support during my time at the club.
“I wish Roma a lot of success in the future.”
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