Ian Baraclough was dismissed by the Irish FA.
The decision was made at an executive board meeting in Northern Ireland.
Since Baraclough took over, NI have won just four of their 22 games.
Despite losing to Greece at the end of September, his side avoided being demoted to the fourth tier.
The introduction of new players who will wear the green jersey with pride for years to come is thanks to Ian.
The Irish FA Board took this decision due to the overall record of results on the pitch.
NI is not in competitive action until March.
Possible candidates include his predecessor O'Neill, who is currently unattached having been sacked byStoke City in August, as well as Northern Ireland's record scorer David Healy.
Stephen Robinson, ex-Kilmarnock manager Tommy Wright, Jim Magilton, and Kenny Shiels were all interviewed for the position alongside Baraclough in 2020.
Baraclough, a former Under-21 manager, was promoted to the senior job.
The Englishman took charge of Motherwell before joining the NI coaching set up.
The two-year contract extension given to Baraclough last December was supposed to take him through the Euro 2024 qualification campaign.
The Euro 2020 play-off against Bosnia-Herzegovina was his third game in charge.
Their hopes of reaching a second consecutive European Championships were dashed when they lost to Slovakia.
In Baraclough's time, NI have only won one game in back-to-back games.
They finished third in their World Cup qualification group with nine points from eight games, while last month's home victory over Kosovo ended a 14-game winless streak.
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