Ex-Wigan Athletic duo relieved of duties
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His ex-Latics and Scotland team-mate Gary Caldwell, who had been one of his assistants, has also left the Easter Road outfit.
"Hibernian FC can confirm that Shaun Maloney has departed the club as first team manager," read a club statement.
"Gary Caldwell, Valerio Zuddas and Brian Doogan have also left with immediate effect."
Executive chairman Ronald J Gordon commented: “Our hope in appointing Shaun Maloney as a young, highly regarded coach was that he would help us take the club forward, but ultimately it didn't work out.
“We thank Shaun and his coaching staff for all their hard work and efforts and wish them all the best for the future.”
David Gray will take charge of the first team as caretaker manager for the remainder of the campaign, supported by Eddie May and Jon Busch.
Maloney was only named Hibs boss on December 20 last year, after a successful spell as coach of the Belgium national side under Roberto Martinez.