The band's frontman drafted in music impresario Scott Rodger - who also manages Sir Paul McCartney and Arcade Fire - to boost their profile following lukewarm reviews of their first album 'Different Gear, Still Speeding', but it appears the pair have now parted ways.
A source told The Sun newspaper: ''It's a shock that Liam has left Scott. He has a lot of influence. Beady Eye hired him to rejuvenate their career after their first album didn't do as well as hoped.
''Scott put in a lot of hard work on the second album and persuaded Liam to play Oasis songs live again.''
It's thought Liam's girlfriend Debbie Gwyther will fill the role as Beady Eye's temporary manager while they look for a replacement for Scott.
The band recently axed their performance at America's Coachella Festival in April and appear in to be limbo following a difficult year in 2013, which drummer Chris Sharrock described as Beady Eye's ''annus horriblis''.
Liam, 41, split from his wife Nicole Appleton after it emerged he had fathered a secret love child with US journalist Liza Ghorbani.
Meanwhile, guitarist Gem Archer endured arduous medical setbacks including a fractured skull and broken leg.
Corgan took to Instagram to confirm rumours of new Pumpkins material, saying the first songs could arrive as early as May.