The 45-year-old, who has been in charge since October 2009, is one of the most decorated coaches in the club's history.
"CSKA would like to thank Leonid Slutskiy for seven years of distinguished service, which has included three championships, two Russian Cups and two Super Cups," the club said on their website (www.pfc-cska.com).
CSKA are bottom of Champions League Group E with three points and cannot reach the knockout stage.
They must beat Spurs, who are one point above them, to qualify for the Europa League round of 32.
News that makes sense
Your trusted source for staying up-to-date with the world around you. Get free daily news updates and analysis, straight to your inbox.
Slutskiy was in charge of Russia's national team from August 2015 until June 2016 but resigned after they failed to get past the group stage at Euro 2016 in France.
CSKA go into the winter break in third place in the Russian championship, eight points behind leaders Spartak Moscow.
(Reporting by Dmitriy Rogovitskiy; editing by Ken Ferris)
