McCormick only took charge in May following the departure of Martyn Davies.
His last game in charge was the 2-0 defeat to Frickley Athletic on Saturday, Frickley’s first win of the season.
Market Drayton have lost six straight games at home, and have lost eight in nine league fixtures, as well as bowing out of the FA Cup with a 6-0 defeat at Romulus.
McCormick had spent 12 years at the club.
Darren Beech and John Timmis will be in charge for Tuesday night’s BetVictor Northern Premier S/East Division game at Loughborough Dynamo.
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