Coleman was in charge of Accrington for 25 years over two spells, famously taking them from the Northern Premier League to the EFL between 1999 and 2012.
In total, Coleman won 436 of his 1098 games in charge and was the second longest-serving manager in English football behind Harrogate Town's Simon Weaver.
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He was sacked after defeat to Wrexham on Saturday in League Two.
Despite his status, Acrrington spared only 43 words to announce Coleman's departure: "Accrington Stanley can today confirm that John Coleman and Jimmy Bell have been informed that their contracts are terminated with immediate effect.
"Everyone at the club thanks them for their long-standing service and we wish them all the very best for the future."