Michel axed as Getafe coach
"Jose Miguel Gonzalez Martin del Campo, Michel, will not be in charge of Getafe next season," the club said in a brief statement on their website.
"The coach's contract expired at the end of this season and in the end, the club decided not to extend it," they added.
The former Real Madrid and Spain player, 48, took over from Victor Munoz in April 2009 and led the modest Madrid-based club to sixth and a place in the Europa League the following season.
Getafe narrowly avoided the drop on the final day of the latest campaign, finishing one point above the relegation places in 16th.
Last month, Getafe were taken over by Royal Emirates Group, a Dubai investment firm chaired by Sheikh Butti Bin Suhail Al Maktoum, and have targeted a top-six finish and a place in European competition for next season.