Savoy’s dismissal was announced by a senior GFF official at a press conference in Banjul on Saturday afternoon.
“We have a mutual agreement amongst the stakeholders to terminate the services of Raoul," said GFF second vice-president Ebou Faye.
The decision comes as a surprise after the GFF had earlier backed the unpopular Swiss following the Scorpions' elimination in the preliminary round of the 2018 FIFA World Cup qualifiers last October by Namibia.
The search for an immediate replacement has begun and it is believed the GFF is not limiting its choice to a foreign option.
The 42-year old was appointed on May 14 replacing Peter Bonu Johnson but managed a win-less spree in his five games in charge.