Solskjaer has overseen a disappointing start to the season, with the club sitting in seventh place in the Premier League. They have lost four of their past five league matches, including a 5-0 home thumping at the hands of rivals Liverpool.
The former United striker took over as an interim boss in 2018 and was subsequently given a permanent contract, but his position has been under scrutiny for several weeks.
“Ole will always be a legend at Manchester United and it is with regret that we have reached this difficult decision,” the club said in a statement.
“While the past few weeks have been disappointing, they should not obscure all the work he has done over the past three years to rebuild the foundations for long-term success.”
Assistant coach Michael Carrick will take charge of the team for their upcoming fixtures, while the club searches for a permanent replacement for Solskjaer.
This is a breaking story and will be updated.