The former Yugoslavian international was appointed before Bruno de Carvalho was voted out as president at the Portuguese outfit.
It is the latest controversy to hit the club, with nine of their stars terminated their contracts after players and staff were attacked by a mob of 50 fans at the training ground.
But 49-year-old Mihajlovic's departure causes fresh worry, with the ex-AC Milan and Serbia manager unlikely to be awarded any compensation, reports the Daily Mail.
Despite signing a three-year deal worth £1.6 million a season, Sporting claim they do not owe him anything as he had not taken up his post, nor appointed any backroom staff.
The club's new president, Jose Sousa Cintra said during a press conference: "Sporting have decided to end Mihajlovic's probationary period and cancel his contract."
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Cintra, who was chairman of the Portuguese giants from 1989 to 1995, added that they will be appointing a new manager by Monday.
The 18-time league champions finished third and out of the Champions League places last season.
This saw angry fans attack the players and staff at their training ground, with nine of them subsequently cancelling their contracts after the ordeal.
Rui Patricio recently joined Wolves for free after leaving the Estadio Jose Alvalade club, while Gelson Martins has been linked with a move to Arsenal.
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