After a meeting between Trollope and chairman Nick Higgs, it was decided he would be relieved of his duties with immediate effect and placed on gardening leave.
The decision comes following a poor run of results which has seen Rovers exit the FA Cup to Blue Square Bet Premier side Darlington and the Johnstone's Paint Trophy to Exeter, concede six goals at Sheffield Wednesday and lose 3-0 at home to Leyton Orient.
Higgs thanked Trollope for his hard work during his time in charge at the Memorial Stadium.
"We would all like to thank Paul for everything he has done for the club over the last five years," he told club website www.bristolrovers.co.uk.
"He presided over a very successful period for us and became one of only five managers in the history of the club to secure promotion with Bristol Rovers."
Source: PA
Source: PA