Although Stuttgart beat Hertha Berlin 1-0 in their first match following the Bundesliga’s mid-season break, Wolf’s men subsequently suffered back-to-back losses.
And following talks in the aftermath of the Schalke loss, which left the club 15th in the table, Stuttgart announced the end of Wolf’s tenure on Sunday.
Sporting director Michael Reschke said: “We firmly believe that the danger that the current situation cannot be turned around is too great and that we need a new impulse to get back onto a more successful track.
“None of us wanted to be in this situation and we would very much liked to have continued working with Hannes, because he is an exceptional coach and a wonderful character.”
Wolf was appointed by Stuttgart in September 2016 and led the club to the 2. Bundesliga title in his first season in charge.
Marco Langner, Matthias Schiffers and Andreas Schumacher have been placed in temporary charge while Stuttgart seek Wolf’s successor.