Mixu Paatelainen has paid for a run of four consecutive Euro 2016 qualifying defeats with his job as Finland coach.
Victory over the Faroe Islands and a draw at home to Greece left the Finns with four points from their opening two Group F fixtures.
However, a subsequent collapse in form has heavily dented their chances of reaching France and Saturday's 1-0 defeat on home soil to Hungary - which left them seven points off the group's play-off place - was the last straw for the Finland Football Association (SPL).
An SPL statement wished Paatelainen well and confirmed a follow-up meeting will be held on Tuesday as they plot their next appointment.
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