"We're currently on the look-out for a new coach and we will make the announcement when we have some news to share," Doha Stadium Plus reported on Thursday, citing a Qatar Football Association statement said.
"We thank Mr Belmadi for his services and cooperation. We got some very good results during his stint as coach. Mr Belmadi was one of our finest coaches. He lifted the spirit of the national team players and carried out his tasks well," the statement further said.
The Algerian, who was appointed in March 2014 after a spell with the B side, seemed to have Qatar on the right path by winning the Gulf Cup of Nations in November but they endured a miserable Asian Cup campaign in January.
The 2022 World Cup hosts lost all three matches in Australia to finish bottom of Group C.
Qatar have been drawn with China, Bhutan, Maldives and Hong Kong in 2018 World Cup and 2019 Asian Cup qualifying and begin their campaign on June 11.