Ajax announced late Monday that the 54-year-old Jol agreed with the club to immediately terminate his contract.
Former Netherlands defender Frank de Boer will take over leadership of the team's technical staff immediately and stay at least until the Dutch Eredivisie's winter break starts later this month, Ajax said in a statement.
Ajax slipped to fourth in the league after drawing 1-1 on Saturday with NEC Nijmegen. The four-time European champion also has been knocked out of the Champions League.
According to BBC, the Dutch coach may be a candidate for English Premier League side Newcastle who have sacked coach Chris Hughton earlier on Monday.