Saturday's defeat at Palermo, accompanied by Lecce's unexpected defeat of Inter Milan, left the top flight newcomers at the bottom of the table.
Tesser had been at Novara since 2009 and took the team to two back-to-back promotions - but the team are without a Serie A success since November 26 and a run of five successive defeats means he becomes the 12th coaching change in the 20-team league since August.
A statement on the club's official website, www.novaracalcio.com, read: "We thank Attilio for the commitment, dedication, heart and passion put in this year.
"His personality and his professionalism, combined with that of his colleagues, have meant that the city of Novara has regained major football."
Mondonico has not coached in the top flight since being sacked by Fiorentina in 2004.
The 54-year-old, who will be officially unveiled at a press conference on Tuesday, quit as coach of Serie B club Albinoleffe for health reasons in June.