Fulham are third from bottom of the standings following a run of five consecutive Premier League defeats and Jol's two-year spell at the club ended after they lost 3-0 at West Ham United on Saturday.
"Our poor form and results this season are undeniable, and Fulham supporters deserve better," Fulham chairman Shahid Khan said in a statement.
Dutchman Jol joined Fulham in 2011 after spells at Tottenham Hotspur, Hamburg SV and Ajax Amsterdam.
(Reporting by Toby Davis; editing by Ed Osmond)
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