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The steps toward removing Fisher began in a Texas A&M Board of Regents meeting Thursday, according to ESPN sources. A four-hour discussion about Fisher's future led to the imminent decision.
Texas A&M made the announcement on Sunday.
"After very careful analysis of all the components related to Texas A&M football, I recommended to President Welsh and then Chancellor Sharp that a change in the leadership of the program was necessary in order for Aggie football to reach our full potential, and they accepted my decision. We appreciate Coach Fisher's time here at Texas A&M, and we wish him the best in his future endeavors," Ross Bjork, the director of athletics, said in a statement.
Fisher will be owed $76 million upon his firing, according to sources, which is a record amount for a buyout paid to a head coach. That number is more than double the known buyout paid to a fired college head coach.
Texas A&M plans to honor Fisher's contract in full, according to sources. TexAgs first reported the school's plan to fire Fisher.
Texas A&M (6-4, 4-3 SEC) is coming off a 51-10 victory over Mississippi State on Saturday.
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Fisher is 45-25 in six seasons at Texas A&M, and he just signed a new 10-year contract with $95 million guaranteed in 2021. That deal was given, in part, because of the potential at the time of Fisher leaving for LSU.
Since winning the Orange Bowl and finishing No. 4 in the Associated Press poll in 2020, Texas A&M has gone 19-15. The Aggies have not won the SEC West or played in the College Football Playoff during Fisher's tenure.
Fisher arrived at Texas A&M in 2018 from Florida State, where he won a national title in 2013.
Texas A&M closes the season against Abilene Christian and LSU.
ESPN writer Pete Thamel contributed to this report.