At the start of 2018, Hollerbach was given the task of trying to move the German outfit away from the relegation zone in the Bundesliga having replaced Markus Gisdol.
However, after recording no wins and three draws from seven matches in charge, Hamburg have opted to sacked Hollerbach, who has previously spent almost a decade at the club as a player.
Chief executive Frank Wettstein said: "We intensively analysed and discussed the overall situation after the 6-0 defeat in Munich. In the end, we came to the conclusion that we had to act to boost our chances in the fight against relegation."
After the setback at Bayern Munich, Hamburg sit seven points adrift of safety in the standings.