His dismissal follows that of Tony Popovic from Greek second division side Xanthi last month and Kevin Muscat's axing at Belgian top-tier side Sint-Truiden in December.
He accepted the job would be tough in taking on one of English football's biggest poisoned chalices but one that could massively enhance his reputation if he brought success to a club that was a former member of the Premier League.
Kewell was named League Two manager of the week in November but a recent string of average results, just one win in their past five games, and a draw with second bottom Southend United proved his downfall.
The result left the Lancashire club in 16th position in the 24-team fourth-tier competition with 11 wins, six draw and 15 losses.
"I honestly felt we were making good progress despite the inconsistency at times," Kewell posted on Twitter.
"I knew coming into this job that I wouldn't have a budget to work with and that time wouldn't be on my side but I leave without any regrets."
The 42-year-old Kewell has now been relieved of his duties at his past two clubs, after his unsuccessful 14-game stint in charge of Notts County in 2018.