The Nerazzurri have parted company with their young coach after a disappointing ninth-place finish to Serie A in a 2012-13 season that fell well below expectations
Sporting director Marco Branca broke the news to the 37-year-old via a telephone call on Thursday, following the Nerazzurri's disappointing ninth-place finish in a campaign that included 16 league defeats.
Stramaccioni, who was hired in March 2012 following the departure of Claudio Ranieri, was contracted at the Giuseppe Meazza until the summer of 2015 and both parties are currently locked in negotiations to determine the value of the severance package.
The former Inter Primavera boss earned his reputation by guiding the youth side to victory in the 2012 NextGen series, defeating Ajax in the final and, following Ranieri's departure, was appointed first-team coach by Massimo Moratti last summer on a permanent basis.
However, the club's lowly league position and lack of European football next term have contributed to his exit just 12 months into his three-year contract.
Walter Mazzarri, who confirmed that he is leaving Napoli after guiding them to second in Serie A, is among the frontrunners to replace Stramaccioni.