The West Londoners have ended the Dutchman’s two and a half year reign following the humiliating 3-0 defeat at fellow strugglers West Ham on Saturday.
Jol admitted after that game that the decision was out of his hands, and the club have now confirmed he has been relieved of his duties.
Former Manchester United coach Rene Meulensteen who was brought in to work alongside Jol last month, will take over all first team duties.
Chairman and owner Shahid Khan said “Today I spoke with Martin to thank him for his efforts on behalf of Fulham Football Club over the past three seasons and, in particular, since my becoming chairman earlier this year.”
“Martin was very gracious and I appreciate his understanding of the situation. There is no question Martin is an excellent football man and he has my utmost respect for the commitment he made to our club.
“However, our poor form and results this season are undeniable, and Fulham supporters deserve better. With more than half the season still ahead, an immediate change was necessary.”
Jol expressed appreciation on Sunday for his time at Motspur Park and Craven Cottage since arriving at Fulham in 2011.
“It was a privilege to manage Fulham, one of the great clubs in the Premier League or anywhere in the world,” Jol said.
“I am disappointed in this season but know there are better days ahead for Fulham and its supporters. I will always treasure my experience here and want to thank Mr. Khan and everyone at Fulham for the opportunity.”
Meulensteen was appointed as head coach of Fulham Football Club on November 13 after working alongside Sir Alex Ferguson at Old Trafford between 2007 and last summer.
“Rene Meulensteen was brought to Fulham to assist Martin and today was offered the challenge and opportunity to step in for Martin,” Khan said.
“I thank Rene for accepting and now we move forward. I have great confidence in Rene and high expectations for our squad to respond.”
“I appreciate the faith Mr Khan has put in me and will do my very best to honor his trust,” Meulensteen said.
“We aim to get Fulham back on track starting Wednesday night.”
After 13 games of the Premier League season Fulham stand 18th, inside the relegation zone.