Darren Dreger of TSN was first to report the firing.
General manager Craig MacTavish, who is expected to take over as interim head coach, will address reporters at 1:45 p.m. ET.
The Oilers are 7-19-5 this season and have lost 15 of their last 16 games, including their last four. Eakins was in his second year as the Oilers' head coach, accumulating a record of 36-63-14 after his June 2013 hire.
The Oilers entered the week tied for the worst record in the NHL with 19 points. The club hasn't made the playoffs since 2006, despite a lengthy rebuild that has yielded several high draft picks, including three straight No. 1 overall picks from 2010-12.
Dreger reports that firing Eakins "would have been a very difficult decision" for MacTavish, a "huge" supporter of Eakins.
Eakins played 10 years in the NHL from 1992-2002, appearing in 120 career games.
- MIke Fiammetta