The shock decision was revealed after the club dropped five points behind log leaders Simba SC despite advancing to the CAF Champions League group stages following a convincing 8-1 aggregate win over CFFA.
Mngqithi had also steered the defending Tanzanian Premier League champions to the Tanzanian Community Shield title after beating rivals Simba 1-0 in his first match with the club.
"The leadership of Young Africans Sports Club wishes to inform the public that it has decided to terminate the contract of the first team head coach, Manqoba Mngqithi," read a club statement on social media.
The club also confirmed that they had mutually reached the decision to prematurely end the former Golden Arrows and Mamelodi Sundowns coach's contract and assistant coach Chyna Mokaia.
Yanga stated that preparations to appoint a new coach had already started and are expected to be completed soon.
Meanwhile, Mngqithi's latest exit is set to ignite links with a move to Kaizer Chiefs following their disappointing early CAF Confederation Cup exit against Red Arrows.
Wiliete SC head coach Roberto Bianchi heaped praise on matchwinner Mabululu as his goal secured the club's place in the group stage of the CAF Champions League at the expense of champions Mamelodi Sundowns.
Orlando Pirates head coach Abdeslam Ouaddou has challenged his players to believe they can end the club's 31-year wait for a second CAF Champions League title after securing their place in the group stages.
Mamelodi Sundowns coach Miguel Cardoso has admitted that his team's mistakes and failure to manage their emotions proved costly as they suffered a shock elimination from the CAF Champions League.
Orlando Pirates breezed into the CAF Champions League group stage after a dominant 4-0 victory over Namibian side African Stars at the Orlando Stadium to secure a 5-0 aggregate victory.
