The 67-year-old arrived at St James' Park in June of last year but failed to make a single permanent signing during his role with the Magpies.
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"The club will be making no further comment."
Kinnear leaves Newcastle in eighth place in the Premier League, with the club having lost midfielder Yohan Cabaye in the transfer window after the France international sealed a move to French champions PSG.
Newcastle failed to bring in a replacement for the midfielder, with top target Clement Grenier turning down a move to the Magpies, and only striker Luuk De Jong arriving in a loan deal from Borussia Monchengladbach.
The 67-year-old's second stint at the club will be remembered for a now infamous radio interview with where he mispronounced Cabaye's name as well as attacking Hatem Ben Arfa and Papiss Cisse and making several factual errors.