Ferrera took charge of the 10-times Belgian champions Standard in September last year, leading them to victory in the Belgian Cup and a place in the Europa League.
Yet following a mid-table finish in the league last season, he has paid the price for a poor start to the season in which Standard have won just once in five matches, drawing three times, to lie 11th in the league.
The 44-year-old Jankovic has previously coached Red Star Belgrade, the Serbian under-21 national team and, until Tuesday, another Belgian side Mechelen, who are currently seventh in the league.
(Reporting By Philip Blenkinsop; Editing by Ian Chadband)
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