The dismissal came a day after CSKA's 2-0 win over Chernomorets Burgas - Jesic's second game at the helm of the club since he returned to the Bulgarska Armiya stadium to begin his second coaching spell.
Jesic was booed by CSKA fans after the 2-0 home defeat by Litex Lovech, led by former European Footballer of the Year Hristo Stoichkov, earlier this month with some supporters calling for his immediate resignation.
Radukanov becomes CSKA's third coach this season after 54-year-old Jesic, who guided the team to the league title in 2005, replaced crowd favourite Stoycho Mladenov in January after a mediocre run in the first half of the season.
"Radukanov will be CSKA coach for the next four months but he can stay longer if we're pleased with his work," CSKA's chief executive Georgi Iliev told reporters.
CSKA, who have not won the domestic league title since 2008, are fourth in the standings with 32 points from 17 matches, 10 points behind leaders Ludogorets.
The much-travelled Jesic, a former Yugoslavia defender, who has also coached Slavia Sofia and Litex in the Bulgarian top flight, has had jobs in Serbia, Turkey, Iran, Romania, Montenegro, Libya, China and Saudi Arabia.
"We have very good players but it's obvious that we're not playing well under Jesic," said Iliev. "Well, we beat Chernomorets but it was just another drab performance."
Radukanov, 40, led CSKA to the Bulgarian Cup and the Bulgarian Supercup during his first spell in charge in 2011. He coached Botev Plovdiv in the domestic second division during the 2011/12 season.
Radukanov will make his debut on Wednesday when CSKA visit their city rivals in the Bulgarian Cup.
Former Bulgaria international Emil Kostadinov returned to CSKA as sporting director just over two years after leaving the post. Kostadinov won three league titles and four national cups as a CSKA player.
