"A gentleman's agreement was concluded with Henri Michel in terms of which his services as head coach will come to an end," the club said in a statement.
Michel was driven away from Pretoria's Super Stadium by riot police on Sunday with fans chasing him and demanding he be sacked after the South African Cup holders' 1-0 extra time defeat at home to unfancied Platinum Stars in the second round.
It followed a 4-1 loss to champions SuperSport United in the Pretoria derby on Thursday, a result which effectively ended Sundowns' title hopes.
Michel, who has coached extensively across Africa, took over at Sundowns in October.
The club said it had appointed former South Africa coach Ted Dumitru as caretaker coach until the end of the season.
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