The Swans have parted company with the 36-year-old after just under two years in charge following a poor run of form.
Speculation has been rife over Monk's future and Huw Jenkins decided to pull the trigger after just one win from the last 11 games left the Welsh club 15th in the table, one point off the relegation zone.
The straw which broke the camel's back came at the weekend when Monk watched on from the sidelines as Swansea were comfortably beaten 3-0 by Premier League leaders Leicester City.
Nevertheless his sacking has come as something of a surprise given his record since taking over at the Liberty Stadium.
'People wonder why we don't produce decent coaches'
And Etherington, who played for Tottenham Hotspur, West Ham United and Stoke City, has hit out at the decision claiming it highlights a worrying trend for English coaches.
"The sacking of Garry Monk tells you why so many ex players are reluctant to go into coaching/management," Etherington said.
"He has done a brilliant job.
"Albeit the last few months have not been good. New managers/coaches need time.
"He is a bright, young manager who I hope gets another chance.
"And people wonder why we're not producing decent young managers."
The sacking of Gary Monk today tell's you why so many ex players are reluctant to go into coaching/management. He has done a brilliant job.— Matthew Etherington (@mattyethers) December 9, 2015
Albeit the last few months have not been good. New managers/coaches need time. He is a bright, young manager who I hope gets another chance.— Matthew Etherington (@mattyethers) December 9, 2015
And people wonder why we're not producing decent young managers..— Matthew Etherington (@mattyethers) December 9, 2015
Monk stats make a mockery of sacking
In the wake of the sacking it has emerged that Monk is officially the 10th best ever English manager in the Premier League era.
A report by BBC Sport revealed Monk has one of the best win percentages among English bosses to have taken charge of 50 or more Premier League games.
From his 67 Premier League games in charge of the Swans, Monk had a win percentage of 35.8%.
He also led the club to its highest ever top flight finish last season of eighth with a record points tally.
During his time as a manager Swansea recorded a 3-0 win over arch rivals Cardiff in the South Wales derby, achieved a first ever league win over Manchester United at Old Trafford and became only the third side in Premier League history to have won home and away against both Arsenal and Manchester United in the same season.