Union have been winless for more than two months and, having lost five of their last seven Bundesliga games, are in 12th place on 17 points from 15 games.
"After a thorough analysis of the season so far, we are convinced that a significant change is necessary to reverse the trend," Managing Director Horst Heldt said in a club statement.
"We have therefore decided not to continue the cooperation with Bo Svensson, Babak Keyhanfar, Kristoffer Wichmann and Tijan Njie."
A decision on a new coaching team to take over from the 2nd of January will be made in the next few days, the statement added.
Union, who lost 4-1 at Werder Bremen last time out, next travel to lowly Heidenheim on the 11th of January.