Athletic director Jack Swarbrick announced the decision Monday, saying in a news release We have great expectations for our football program, and we have not been able to meet those expectations.
Swarbick says he recommended to the university president Sunday night that Weis be let go with six years left on his contract.
Assistant head coach Rob Ianello will step in for Weis until a new head coach is hired.
Following a 6-2 start, the losing streak began and as it progressed Weis future was in doubt.
Weis finished 35-27 in five seasons, worse than his two predecessors, Tyrone Willingham and Bob Davie.