Millwall currently sit second bottom of the 24-team Championship table, with 10 matches to go.
"This was a hard decision to take because we very much hoped that Ollie would prove to be the man to take us forward and on to the next level," Lions chairman John Berylson said of Holloway.
"This season, though, has proved to be an extremely challenging one and we now find ourselves facing another uphill battle to avoid relegation.
"Ian Holloway remains a fine manager and it was his impressive track record which led us to appoint him some 14 months ago. However, our view is that the decision to part company at this stage is in the best interests of the football club going forward."
Former striker Harris is Millwall's all-time record goalscorer, with 125 league goals. He made 432 appearances for the club before retiring in June 2013.
(Editing by Amlan Chakraborty)
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