Petrino went 36–26 in his second stint with Lousiville.
Petrino's buyout is "estimated to be in the $14 million range" per Forde.
"We want to thank Bobby for guiding our football program to some of the better seasons we have had historically at UofL," Vince Tyra, Lousiville's vice president and director of athletics, said in a statement. "However, at this time we feel the program needs different leadership and we owe it to our student-athletes and fans to turn this around."
No interim head coach has been announced per The Athletic's Matt Fortuna.
Lousiville's eight losses are the school's most since 2009. The Cardinals have lost their last seven contests and are winless in the ACC. Prior to the defeat against Syracuse on Friday, the Cardinals suffered their worst loss of the season, losing 77-16 to No. 2 Clemson.
Petrino led Lousiville to a bowl game in each of the last four seasons before 2018. He first joined the program in 2003, coaching the Cardinals for four seasons before becomming the head coach of the Atlanta Falcons in 2007. He returned to Louisville in 2014, sporting a 36–26 record in his second stint with the program.
Petrino is 77–35 over nine years at Louisville. He has the second-most wins in program history, trailing only Frank Camp.