The team has scheduled a press conference 5:00 pm EST to discuss further details.
Ruff's Sabres are experiencing one of the worst seasons during his tenure, starting the season 6-10-1, sitting 13th in the Eastern Conference Standings at the moment.
Buffalo reached the playoffs eight times under Ruff and won the Eastern Conference Championship during the 1998-99 season, losing to the Stanley Cup Champion Dallas Stars in six games.
Ruff won 571 times in 1165 games as the Sabres' head man, and finished first in the Eastern Conference Regular seasons standings twice (2006-07, 2009-10).
In 2005-06, Ruff was named the Jack Adams Award winner as the top coach in the National Hockey League.
Unfortunately the groans and rumors calling for Ruff's firing grew even louder after Buffalo missed the playoffs last season and played so poorly in the early going, including back-to-back losses to Pittsburgh and Winnipeg in the past two games.
Buffalo Sabres General Manager Darcy Regier has not announced a replacement.
Buffalo visits Toronto on Thursday, the first game without Ruff behind the bench in 15 years.