Blackpool reserve team coach Simon Grayson has taken temporary charge of the first team, the club has announced.
Blackpool have struggled this season under Hendry
The club has not commented on the position of manager Colin Hendry and his assistant Ian Miller.
A statement on the club website said: "In line with their request, Messrs Hendry and Miller are set to attend a meeting at the end of next week."
BBC Radio Lancashire reports Hendry has been removed from his post but not sacked by the club.
Blackpool are second bottom of League One and last won in the League on 24 September.
They were also dumped out of the FA Cup 4-1 at Doncaster on Sunday.