Solina, who joined Chiefs in July, was fired with the club in seventh place on the Absa Premiership log with 18 points from 14 games.
While Amakhosi on Tuesday advanced to the first round of the CAF Confederation Cup by beating Zimamoto 5-2 on aggregate, their league form and MTN8 and Telkom Knockout exits prompted club owner Kaizer Motaung to show Solinas the door.
Mabedi, a remnant of the three-year trophyless era under former head coach Steve Komphela, was also released.
Chiefs said in statement: 'Kaizer Chiefs and coach Giovanni Solinas have mutually agreed to an amicable termination of his contract with immediate effect. The Italian coach took charge of Amakhosi in July 2018.
'Assistant coach Patrick Mabedi’s contract has also been terminated.
'We would like to express our gratitude to both for all the efforts during their time at Kaizer Chiefs and wish them well.
'The club will make further announcements in due course.'