The Canaries have axed the German after their promotion playoff defeat to Leeds United, says BBC Sport.
The decision arrives less than 24 hours after Norwich's 4-0 semi-final second-leg loss. It will mean a third successive season in the Championship for Norwich.
Advertisement
Advertisement
An official club statement is expected later on Friday.
Wagner said last night: "This is super disappointing, we were very poor and it really hurts."