Ventura led Corinthians to three wins, five draws and seven losses after taking charge of the club on September 6.
The Sao Paulo outfit finished the top flight season in 13th place, a year after winning the competition for the second time in three years.
Fabio Carille, who guided Corinthians to the 2017 title, is the favourite to assume the vacant position. Brazilian media reported that Corinthians have agreed to meet the buyout clause in Carille's contract with Al-Wehda.
The Saudi side -- with whom Carille signed a two-year deal in May -- are currently fourth in the domestic league standings after 11 matches.
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