Julie Cromer Peoples has been installed as interim athletics director.
The university will honor the provisions of Long's contract, which runs until June of 2022.
Steinmetz said the change wad made "after great deliberation, discussion, and thought" after consultation with the Board of Trustees and President Donald R. Bobbitt.
"I want to thank Jeff for his commitment and service t our University and to the State of Arkansas and, on behalf of the Razorback Family, I want to wish Jeff and his family all the best in the future. I know this, winning ball games helps everybody, so that's all I'm focused on".
Amid speculation of Bielema's fate as head of Razorback football, Demirel said fans want to see a local figure as head of athletics.
Long had been Arkansas' athletics director since 2008, and was widely regarded as one of the more-powerful administrators in college football.
While serving at Arkansas, Long was named the first chairman of the college football playoff selection committee.
Long has served as athletic director since 2008 after the retirement of longtime director Frank Broyles, who passed away in August.
Depending on how quickly Arkansas would hire a new athletic director and the outcome of these last couple of games, it wouldn't be surprising if Arkansas were looking for a new football coach by the middle of December.