The coach has been relieved of his duties after three years at the club, with a poor start to the season proving his downfall .
Slomka had been in charge of the club since January 2010, saving it from the threat of relegation before later leading the club to Europa League football twice.
However, sporting director Dirk Dufner is adamant that the right outcome has been reached in a bid to halt an alarming slide down the table.
"It was no easy decision but we are convinced that we have to make a change," he told the club's official website.
Slomka had previously been the assistant coach of Hannover from 2001 to 2004 and also spent time with the club during his playing days.
But a haul of just six points from a possible 36 has seen the team steadily slide to 13th in the Bundesliga table – just four points above the relegation playoff places.
Despite deeming it necessary for a change of head coach, club president Martin Kind moved to praise Slomka for his achievements over the course of his three years in charge.
"I have to personally thank Mirko Slomka," he said. "He saved Hannover 96 from relegation and led the club to the Europa League afterward twice. This success will always have his name on it."