By FOX Sports staff
The 44-year-old, who used to play for Barclays Premier League giants Chelsea and won 64 caps for Yugoslavia, first took charge of the Twin Qilins last year and led them to the Premier League title in his first season at the helm.
However, it has been a different story in 2013 as they meekly bowed out of the AFC Champions League group stage after picking up just one point from six games against Guangzhou Evergrande, Jeonbuk Motors and Urawa Reds.
On the domestic front, they were expected to make a strong title push once again, but have failed to rediscover last season's dominant form, and were overtaken at the top of the table by Buriram United last Sunday after a 1-1 draw at home to Osotspa Saraburi.
That appears to have been the final straw as the club announced on Tuesday night that Jokanovic had been relieved of his duties, with assistant coach Phon Chomchearn in charge until a replacement is appointed.
Already, speculation is rife over his possible replacement, with many believing it is far from a coincidence that, earlier in the day, Winfried Schafer announced his tenure as Thailand coach had ended.
Reports emanating from the country also suggest there is interest in Jokanovic, with Osotspa Saraburi one of the sides rumoured to be keen on his services.