McKie, who starred at Temple under Hall of Fame coach John Chaney and played for the Philadelphia 76ers in a long NBA career, went 52-56 in four seasons, including 16-16 in 2022-23.
The Owls finished fifth in the American Athletic Conference this season with a 10-8 record and were the only AAC team to defeat No. 1 Houston in the regular season, a 56-55 road win on Jan. 22. It was one of two wins over AP Top 25 opponents. Temple also beat then-No. 16 Villanova 68-64 on Nov. 11.
But that wasn't enough for McKie, who succeeded Fran Dunphy, to keep his job. Temple hasn't made the NCAA Tournament since 2019.
"I want to thank Aaron for his service to Temple these past nine seasons, both as an assistant and head coach," said Temple University Vice President and Director of Athletics Arthur Johnson. "Aaron has been a role model both as a student-athlete, a professional player and as our coach, representing the University and the program in the finest manner.
McKie will transition into a new role as a special advisor to the athletics department.
A national search for the next men's basketball coach will begin immediately.
The Associated Press contributed to this report.