His team won the Belgian national championship last year, but has had very disappointing results this year, as it is currently sixth in the top league.
The team is also out of Champions League play and faces Europa League matches.
Boloni, 56, had been coaching Liege since 2008.
Boloni has coached Sporting Lisbon and Al-Jazeera in the United Arab Emirates.
Boloni was one of our top 5 or 6 all-time best players (Romanian national team) scoring 25 goals for Romania in 108 appearances. He also won the UEFA Champions League and European Super Cup with Steaua Bucuresti in 1985-1986. He did very well with Standard last year in the Belgian league and deserves an applaud as a manager as well.