Chicago Cubs broadcaster Dave Kaplan confirmed the firing on his Twitter account.
The news comes as no shock to Cubs fans, who have been calling for Hendry's ouster for many months.
Hendry, who was promoted to the GM position in 2002, was constantly criticized for the contracts rewarded to several players, yet with one of the highest payrolls in baseball, the Cubs constantly underachieved, and after a season in which the Cubs have the second-worst record in baseball, Cubs owner Tom Ricketts has finally seen enough.
In a statement, Ricketts thanked Hendry for his 17 years of service to the Cubs.
"My family and I appreciate Jim's dedication during our time with the Cubs and thank him for his overall 17 years of service to the Cubs organization," Ricketts said. "It is time for a fresh approach in our baseball leadership and our search begins immediately for our next general manager."
So, what exactly got Hendry fired? We'll take a look at some of his more controversial signings.