The club issued a statement late on Sunday night, saying: “After a meeting and discussion this evening, Stranraer FC can announce that manager Brian Reid has left the club by mutual consent.
“The club would like to thank Brian for all his endeavours over the past 20 months and wish him well for the future.
“Brian expressed his gratitude to the club for the opportunity to take the manager’s job and was disappointed that the team weren’t able to build on last seasons run to the play-off final and wished Stranraer FC every success in the future.”
In their last game on Saturday Stranraer lost 1-0 to Stenhousemuir who leapfrogged them and the Blues are now at the bottom of the league.
The 46-year-old previously worked for Coventry City as a coach and before that he was manager at Conference side, Nuneaton Town which followed a spell in the Phillipines as coach/manager of Global FC and also the under 23 International side.
Reid also had a successful five years as manager of Ayr United where he took them to promotion twice and also to the quarter finals of the Scottish Cup and the Semi Final of the League Cup in 2012.
During his playing career Reid was with numerous clubs, including 66 appearances for Queen of the South, more than 100 in two spells with Morton and 42 with Blackpool.