Jardim will lose his job with Monaco after a dismal start to the season that sees them marooned in 18th place in Ligue 1 nine games into the season, one point off the foot of the table.
But, after winning 3-1 at Nantes on the opening day of the season, Monaco failed to win any of their subsequent eight league games and lost to Atletico Madrid and Borussia Dortmund in Champions League Group A, which also includes Club Bruges.
"He will find a good club and will manage to succeed as a coach".
The news potentially opens the way for Thierry Henry to become the French club's next boss after their former striker was linked with the role.
Jardim led the club to another French title in 2017, their first since 2000.
In the 2016-17 season, Monaco upstaged big-spending Paris St Germain to end the capital club's run of four successive titles, before finishing second last term.
"There will always be a time when he is going to have to find his way, so we're expecting a break-up, but I hope he stays a little longer with us".
"I want to express my profound respect for all the work Leonardo has done", Vasilyev said.
"Leonardo has established himself on the bench of AS Monaco as a reference in Europe and leaves behind a very positive balance sheet".
"His time here will remain one of the most handsome periods in the club's history. Leonardo will always be part of the AS Monaco family".