After 20 months of instability and inconsistent results, the Federation have agreed with Zaki to end his contract by mutual consent.
The former international goalkeeper, Zaki took over as Morocco manager for the second time in May 2014.
The team struggled recently and was knocked out of the African Nations Championship at the group stage.
Herve Renard, who was sacked by French club, Lille earlier this season, has been rumoured to be lined up to take over.
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