The pair of soap stars clashed in London this week at the TV Choice Awards.
It was alleged that Asan had 'threatened to kill' Jamie in what was described as a "vicious brawl" backstage at the event.
ITV have today confirmed that it has terminated Asan's contract "with immediate effect".
They said in a statement to the Daily Mail newspaper: "Emmerdale suspended Asan N'Jie yesterday pending further investigation into an incident at a central London hotel on Monday night.
"ITV executives have met with him this morning and as a consequence Asan's contract has been terminated with immediate effect."
Issuing an apology over the incident, Asan said in a statement: "My behaviour at the TV Choice Awards was completely unacceptable and very much out of character.
"I sincerely apologise to everybody who has been affected especially Jamie Lomas, the whole Emmerdale team, our audience, ITV, my family, and the organisers of the TV Choice Awards.
"I am devastated, accept full responsibility for my actions and I am determined to learn from this."
It was previously claimed that the argument started over a "sarcastic dig".
A source alleged to The Sun newspaper: "It was a real flashpoint which left fellow cast members shocked and one or two people remarking on how it was like a scene from a soap opera.
"The bust up was only stopped from escalating as Malique [Thompson-Dwyer] quickly stepped in to defuse the situation and calm Jamie down."
Asan joined Emmerdale in September of last year, playing Jessie Grant's son Ellis Chapman.
He previously appeared on Holby City, Mount Pleasant and Casualty.