An injury-time penalty from Robert Lewandowski gave Bayern Munich a 2-1 win over Wolfsburg on Saturday in what proved to be Schmidt's final game in charge.
Despite encouraging signs in that battling performance, the 2014-2015 runner-up has only four league wins to its name all season.
It is looking for its third head coach of the campaign, with former Mainz boss Schmidt having stepped in on the back of Andries Jonker's sacking last September.
Wolfsburg is 14th in the table, a point above third-bottom Mainz, which it faces in its next Bundesliga fixture on Saturday (AEDT).
The 2016-17 season also saw the club use three different head coaches, with Jonker succeeding Dieter Hecking and Valerien Ismael and needing a relegation play-off victory over Eintracht Braunschweig to preserve top-flight status.