Cameroon were knocked out of the Africa Cup of Nations in the last 16 in January by eventual runners-up Nigeria.
“We have not achieved our objectives, and our executive committee and I do not see ourselves renewing the contract (with Song),” Eto’o told France 24.
Song, a former international team-mate of Eto’o, was appointed as Cameroon boss in February 2022.
He helped the Indomitable Lions to a dramatic play-off victory over Algeria in extra time to qualify for the Qatar World Cup.
But five-time African champions Cameroon were dumped out in the group stage, despite a surprise victory over Brazil in their final game.
“Song brought a lot to this team,” added Eto’o. “Now we have to think about the future.”
The former Liverpool midfielder Song only won six of his 23 matches in charge.
