The 44-year-old Swiss guided the famous Belgian club to the title in his first season and to the Europa League quarter-finals.
They lost 3-0 away to Bayern Munich in their opening Champions League group game last midweek and have won just two of their opening seven matches in the Belgian top flight to trail leaders Club Brugge by nine points already.
Weiler’s role will be filled on a caretaker basis by his Argentinian assistant Nicolas Frutos.
They host Celtic in the Champions League later this month.
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