Ajax extended their winless run in the Dutch Eredivisie to seven games with a 1-1 draw at home to relegation-threatened Volendam on Thursday.
The Dutch champions have drawn six games in that run and have dropped to fifth on the table, seven points behind leaders Feyenoord.
Schreuder was appointed as a replacement for Erik Ten Hag last summer and started his tenure brightly, winning six straight games.
Results have not been forthcoming since and Ajax dropped into the Europa League after finishing third in their Champions League group behind Napoli and Liverpool.
Ajax also lost key personnel at the start of the season, with the likes of Antony, Lisandro Martinez and Nicolas Tagliafico all leaving the club.
A statement from the Dutch giants read: "The many points lost and the team's lack of development are the main reasons for this decision.
"The club management no longer has confidence in further cooperation."
The club's chief executive Edwin van der Sar added: "It is a painful decision, but also a necessary one.
"After a good start to the season, we then lost an unnecessary number of points... In recent weeks it became increasingly clear that [Schreuder] could not turn the tide, while we believe that despite the many transfers he had a strong and championship worthy squad at his disposal.
"We have also lost a lot of points in recent weeks and unfortunately we did not see any progress."
