Amidst a career-worst losing streak, Ivan Menjivar is the latest fighter to be handed his UFC pink slip.

Less than 24 hours after the UFC cut lightweight stalwart Melvin Guillard, Menjivar's manager, Mitch Mayberger, informed MMAFighting.com's Ariel Helwani of the UFC's decision to release Menjivar.

According to Mayberger, the 31-year-old bantamweight veteran intends to continue fighting.

"I will be feeling out offers and discussing with Ivan and his head coach Firas Zahabi and doing whatever works best for him," Mayberger said.

"He is a gem of a human being and been a pleasure to work with so I will always be by his side to help accomplish any goals he has. Love the guy."

A veteran of the sport for 14 years, including a one-off UFC loss to Matt Serra in 2004, Menjivar (25-12) re-entered the Octagon in mid-2011 to embark on his second run inside the promotion.

"The Pride of El Salvador" immediately racked up three decisive wins, including a first-round ‘Submission of the Night' finish of John Albert, before going on to lose four out of his next five contests.

Menjivar ended his second UFC run with a trio of setbacks against Urijah Faber, Wilson Reis, and most recently Hatsu Hioki, the last which was contested at 145 pounds.