Inter president Massimo Moratti stated earlier on Monday that Ranieri was likely to remain in charge until the end of the season.
But Moratti changed his mind and instead axed the former Chelsea boss late on Monday.
A statement from Inter read: “President Massimo Moratti and everyone at Inter Milan would like to thank Claudio Ranieri and his staff for their professionalism, dedication and honesty during their time in charge of the team.
“Inter also announce that they have entrusted the team to Andrea Stramaccioni, the coach who won the first edition of the Next Generation Series.”
Former Chelsea boss Andre Villas-Boas and France boss Laurent Blanc are among the favourites to replace Ranieri.
