Song, who won 137 caps with Cameroon as a player, led the side to the 2022 World Cup in Qatar, where they beat Brazil but exited in the first round.
He could only guide the side to the last-16 at the recent Africa Cup of Nations finals in Ivory Coast, beaten by eventual finalists Nigeria.
“Today the Executive Committee of the Cameroon Football Federation notified the members of the Indomitable Lions staff of the end of their contract to manage Cameroon's Senior Men's National Team,” Fecafoot said in a statement.
“In the next few days, the details of the recruitment process for a new Indomitable Lions coaching staff will be announced.”