Piraeus - Greek champions Olympiakos announced on Tuesday they had parted company with Spanish coach Michel.
"The entire family of Olympiakos thanks Michel for his contribution to the club and wishes him every success in the continuation of his career," a club statement said.
Michel, 51, joined Olympiakos at the start of the 2013-2014 season and led them to the title.
However, this season the team failed to qualify from their Champions League group and are currently second behind PAOK Thessaloniki in the domestic league.
Michel, whose full name is Jose Miguel Gonzalez Martin del Campo, was a Spanish international during his playing days, spent almost exclusively with Real Madrid.
He coached several teams in Spain, including Sevilla, before moving to Greece.