After failing to qualify for Europe by losing last season's play-off final against AZ, FC Twente started the new season with three losses in the opening four games.
Last weekend's 1-0 loss away at Excelsior ended up being Oosting's final game as FC Twente manager after the Enschede outfit announced on Thursday that the 53-year-old was fired with immediate effect.
"We are dissatisfied with the start of the league, both in terms of results and performance," technical director Jan Streuer said on the club website.
"Last season saw a downward trend, and we see little to no improvement. We have concluded that it is better to end the collaboration."
The club say they hope to hire a replacement soon.
FC Twente resume their Eredivisie campaign on Saturday, September 13th, with a home game against NAC Breda.