Assistant manager Joe Parkinson has also left his role at the club with the Shakers rooted to the foot of the table, 12 points adrift of safety following seven consecutive defeats.
Former Bury defender Lucketti only took over on November 22 and saw the club draw one and lose seven of his eight games in charge.
Ryan Lowe, who was in caretaker charge earlier this season following the sacking of Lee Clark in late October, and Ryan Kidd have been placed in charge until the end of the season.
A club statement said: “Following a run of very disappointing performances and results, the board have decided to terminate the contracts of manager Chris Lucketti and assistant manager Joe Parkinson with immediate effect.
“The desire to keep the club in League One is paramount and with 57 points still to play for the board feel that this is still achievable.
“Ryan Lowe and Ryan Kidd will take charge of the first team until the end of the season.
“The board would like to thank Chris and Joe for their hard work and wish them well in the future.”
Preston are reportedly weighing up whether or not to make a fourth offer for Peterborough United left-back Andrew Hughes.