Korkut took over in March from Roger Schmidt but instead of leading them up the table and onto a European spot, the former Turkey international saw them sink deeper down into relegation trouble.
Leverkusen had to dig deep to come back from a two-goal deficit against Cologne and earn the crucial point that will keep them in the Bundesliga with a game left in the season.
"We are thankful to Tayfun Korkut for having taken over at a difficult time," said club CEO Michael Schade. "But football is a result sport and unfortunately the results were not right."
Leverkusen are on 12th spot, three points above the relegation playoff spot.
(Reporting by Karolos Grohmann, editing by Pritha Sarkar)
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