Forest currently sit just three points outside the dropzone with 12 Premier League games remaining for season 2025/26.
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Dyche, 54, succeeded Ange Postecoglou in October and had signed a contract to 2027.
Postecoglou lasted just 39 days as Forest manager after replacing Nuno Espirito Santo, who was dismissed just three matches into this campaign.
Forest announced Dyche's axing in the early hours of Thursday morning.
"Nottingham Forest Football Club can confirm that Sean Dyche has been relieved of his duties as head coach," a statement read.
"We would like to thank Sean and his staff for their efforts during their time at the club and we wish them the best of luck for the future. We will be making no further comment at this time."