The former Titans player, 53, had one year remaining on his contract. He had compiled a 22-26 record since being hired on Feb. 7, 2011.
Tennessee, who have not made the playoffs since 2008, ended Munchak's final regular season with a 7-9 record, finishing 11th in the 16-team American Football Conference.
"First I want to thank Mike Munchak for his professionalism through this process and thank him for his years of dedication to the Titans/Oilers organization," Titans general manager Ruston Webster said in a statement.
"He is first-class and I wish him and his family nothing but the best. The last week has been a difficult time trying to navigate through many issues to find the best resolution for this franchise moving forward.
"Tough choices were presented to all sides and the end result was to part ways and move forward without Mike. We will immediately begin a search for a new head coach."
Munchak, a nine-time Pro Bowl selection as a player and Hall of Famer, had been with the organization for 32 seasons since he was drafted by the Houston Oilers as an offensive lineman in 1982.
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