As Sportsmail reported earlier on Thursday, the Italian was called in for crisis talks with Craven Cottage supremo Tony Khan on Thursday morning to be formally informed that his spell at the club is over.
The Fulham board have lost faith in Ranieri following a terrible spell in charge.
Ranieri said in a statement: ‘I am obviously disappointed with the recent results and that we could not build on the good start we made following my appointment.
‘Finally, I would like to thank the club, the players and the fans for the support they have given me during my time at the club.’
Ranieri was pushed closer to the exit door following Wednesday’s defeat at Southampton and the former Leicester manager has now been put out of his misery.
‘Following our discussion this afternoon, Claudio Ranieri agreed with my decision that a change was in the best interest of everyone,’ chairman Shahid Khan said in a statement.
‘No surprise to me, Claudio was a perfect gentleman, as always.
‘Claudio’s tenure at Fulham didn’t produce the outcome we anticipated and needed when I appointed him as manager in November, but be assured he is not solely to blame for the position we are in today.