Twente said on their website they had terminated Adriaanse's one-year contract and that chairman Joop Munsterman will give a statement later on Tuesday.
Adriaanse joined the Dutch Cup winners last July, after previous spells at AZ Alkmaar and Ajax Amsterdam. He won domestic titles with Porto in Portugal and Red Bull Salzburg in Austria.
Twente are third in the standings, five points behind leaders Alkmaar.
Regional newspaper TC Tubantia are reporting that McClaren is set to return to the club.
McClaren enjoyed a successful period in charge of Twente from 2008-10, winning the Dutch title in his final season, before experiencing disappointing spells at Wolfsburg in Germany and Nottingham Forest back in his native England.
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