Camacho sacked by struggling Osasuna
"I am sad and already bored with not being able to coach," Camacho, a former coach of the Spanish national team, said at a farewell news conference on Monday.
"The president called me and told me they were cancelling my contract.
"Thank you to everyone for supporting me and happy Valentine's Day."
Camacho, 55, replaced Jose Angel Ziganda in October 2008 and helped Osasuna avoid relegation with a victory over one of his former charges Real Madrid on the final day of the season.
He was coach of the Spanish national team between 1998 and 2002, guiding them to the quarter-finals of both Euro 2000 and the 2002 World Cup
"I wasn't expecting it," he said of his sacking. "I came with the goal of keeping the team in the top flight and I leave them in the top flight."
Local media reported that Camacho would likely be replaced by Jose Luis Mendilibar, a former coach of Real Valladolid.