A return of two points from their opening four fixtures has left Bosnia languishing one place off the bottom in Group B - Sunday's 3-0 defeat away to Israel proving Susic's final assignment as coach.
Having taken over in 2009, Susic has overseen one of the most successful periods in the short history of the Bosnian national team.
After helping his side to the play-offs for the 2010 World Cup and Euro 2012, Susic guided Bosnia to their first major finals earlier this year.
Bosnia won just one of their three group matches in Brazil - a 3-1 victory over Iran - and failed to make it to the knockout stages of the competition.
Despite coming into their qualifying campaign as top seeds, Bosnia have struggled to make their presence felt and Susic has paid the price, with the country's football federation confirming on Monday that the 59-year-old had been "released from duty".
