Red Star part company with Kristic
"Red Star thanks Kristic for what he has achieved. He took over at a difficult time after the club was eliminated from European competition and it took a lot of effort to restore some confidence among the players," the club said on their website.
"However both parties came to the conclusion at Tuesday's meeting that further cooperation is impossible and decided it was best Red Star and Kristic should part company."
The team had already been eliminated from the Europa League qualifying rounds when Kristic took over the debt-ridden 1991 European Cup winners in August.
He came under pressure after a 1-0 derby defeat by Partizan in October and Saturday's 2-2 home draw with Vojvodina Novi Sad left Red Star trailing their bitter city foes by five points at the winter break.
Front-runners Partizan have won a record three league titles in a row and will meet Red Star in a two-legged Serbian Cup semi-final in March and April.