Ozoliņš had been in the job just four months but a disastrous start to the season that has included a run of 12 straight losses has put paid to hopes that the Ozolins era might be a winning one.
"The Council of AS "Dinamo Rīga" decided to terminate the employment relationship with Sandis Ozoliņš, by mutual agreement of both parties," a brief statement from the club said.
Ģirts Ankipans will take over the head coach duties, it added.
The club's dire record has seen crowds dwindle and interest in the club's fortunes become a matter of decreasing importance among the public.