Porter was 3-21 in two seasons and 1-15 in Conference USA. Memphis is set to hold a press conference Monday at noon, in which U of M president Shirley Raines will attend, to discuss the future of the football program.
Attendance at Liberty Bowl Memorial Stadium had dwindled because of the Tigers' struggles. In the last home game of the season last Thursday against Marshall, there were only an estimated 2,500 people in attendance.
Memphis suffered five losses this season by 30 points or more, including two shutouts.
A season after going 1-11, the Tigers ranked almost dead last in every major statistical category in the FBS.
The Tigers ranked 119th out of 120 in rushing yards with 84 yards-per-game. They were 116th in points scored with 16.4 per game. The announcement of Porter's firing comes in the wake of a 44-7 blowout season-ending loss to Southern Miss. Prior to Saturday's game, the Tigers relinquished significant fourth-quarter leads to UAB and Marshall before losing to both at home.
"We want to thank Coach Porter for his efforts as our football coach but believe that it is in the best interest of our program to make a change at this point," Memphis athletic director R.C. Johnson said in a statement. "We were proud to have Larry Porter, one of our former football lettermen, as our head coach and wish him nothing but the best in his future athletic endeavors."
Hired in 2009 to replace Tommy West, Porter, a former running back for the Tigers, never seemed to get a full handle on his duties while at Memphis. He drew the ire of many fans' for his chilly approach to public relations and the attrition his program faced during his time.
Quarterback Ryan Williams and defensive backs Todd Washington and Mohammed Seisay, who were expected to be big sophomore contributors for Porter and the Tigers this past season, all left the program in the off-season for various reasons.
Before coming to Memphis, Porter spent five years at LSU and served in several different capacities. He was nationally revered for his recruiting and also was twice named Recruiter of the Year.