Todd leaves the Tigers by mutual agreement after being appointed manager in October - taking just four points from 12 league games.
It's a run that sees City in the bottom three, a point adrift of Hungerford Town and three points off the foot of the table.
Just yesterday, Todd told Gloucestershire Live, "I am however very capable of turning this situation around.
“I will do everything in my power to make this happen. There is a plan in place and things will happen in the next few days."
A statement this morning on the club's website reads: "Gloucester City AFC announces that manager Chris Todd has left the club by mutual agreement.
"The club would like to thank Chris for his efforts during his time at Gloucester City and to wish him every success in the future.
"Tom Webb and Mike Green will undertake the role of joint caretaker managers, while the club conducts a recruitment process for the new manager."