The 51-year-old had been criticised in the wake of a poor performance at home to struggling Platanias on Sunday in a match they won 2-1 but Michel was expected to stay on after receiving support from organised fan groups.
However, the club issued a brief statement saying the former Getafe and Sevilla coach was no longer in charge.
"Olympiakos announces the end of its cooperation with the coach Michel Gonzalez," the club said.
"The entire family of Olympiakos thanks Michel for his contribution to the club and wishes him every success in the continuation of his career," the statement added.
Michel took over in February 2013, penning a contract until June 2015, and won two league titles and the 2013 Greek Cup, as well as reaching the Champions League round of 16 last season although they failed to get past the group stage this term.
Despite his success, Greek media said Olympiakos owner Vangelis Marinakis was unhappy with the team’s failure to play attractive football in the domestic league, although they only trail leaders PAOK Salonika by one point after 16 matches.
(Editing by Ken Ferris)
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