Real Madrid have endured a miserable start to the season and lost 5-1 to Barcelona in El Clasico on Sunday.
Lopetegui only joined Real in the summer after replacing Zinedine Zidane in controversial circumstances.
The boss was sacked by Spain on the eve of the World Cup after the Spanish FA got wind that he had agreed to manage Real once the tournament was over.
A club statement read: “The Board of Directors of Real Madrid CF, meeting today October 29, 2018, has agreed to terminate the contract that linked coach Julen Lopetegui with the club.
“This decision, adopted from the highest level of responsibility, aims to change the dynamics of the first team, when all the objectives of this season are still achievable.
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“The Board of Directors understands that there is a great disproportion between the quality of the staff of Real Madrid, which has eight players nominated for the next Golden Ball, something unprecedented in the history of the club, and the results obtained to date.
“The club thanks Julen Lopetegui and all his technical team for their effort and work and wishes them the best in their professional career.
“He will be provisionally replaced by Santiago Solari, who will lead the first team starting tomorrow, Tuesday.”
Antonio Conte and Mauricio Pochettino have been linked with replacing Lopetegui.
But Real have appointed Castilla manager Santiago Solari as interim boss.
Real have lost seven of their last nine games and went on a 481-minute run without scoring – the longest goal drought in their history.
Lopetegui spoke after Sunday’s defeat to Barcelona and admitted his future was not in his hands anymore.
“Regarding my future, I’m not the one who makes these decisions,” Lopetegui said.
“I’ve made it clear what my feelings are, and my belief in this team. But after that, the decisions aren’t my responsibility.
“I’m sad, and so are my players. I’m the manager, I have to stay strong because we’re still in October.
“It’s a tough blow, but I believe we can turn this around, because there’s much of the season to go.
“Because of the confidence I have in this group, they will continue to grow and improve.
“They’ve had to overcome some difficult circumstances, especially with injuries, but I think the team has life for the rest of the season.”
A Real Madrid statement confirmed Lopetegui’s axe, saying: “The Board of Directors of Real Madrid CF, meeting today October 29, 2018, has agreed to terminate the contract that linked coach Julen Lopetegui with the club.
This decision, adopted from the highest level of responsibility, aims to change the dynamics of the first team, when all the objectives of this season are still achievable.
The Board of Directors understands that there is a great disproportion between the quality of the staff of Real Madrid, which has 8 players nominated for the next Golden Ball, something unprecedented in the history of the club, and the results obtained to date.
The club thanks Julen Lopetegui and all his technical team for their effort and work and wishes them the best in their professional career.
It will be provisionally replaced by Santiago Solari, who will lead the first team starting tomorrow, Tuesday.”