The 56-year-old Brazil legend had only been in charge at the Georgios Karaiskakis stadium for fourth months, having replaced Temuri Ketsbaia on September 16.

But club president Socrates Kokkalis has lost patience with the former Fenerbahce boss after Olympiacos slipped seven points behind league leaders Panathinaikos following two defeats in their last four matches.

The Reds also exited the Greek Cup at the fourth round stage after losing to second division Panserraikos.

Olympiacos confirmed Zico's departure via a short statement on the official website, www.olympiacos.org.

It read: "Olympiacos announces the termination of their co-operation with the coach Arthur Antunes Coimbra (Zico) and his assistants Eduardo Antunes Coimbra and Morassi Vasconcelos Santana. The technical leadership of the team will be undertaken by Bozidar Bandovic and Andreas Niniadis."

Bandovic, 40, who currently works for the club as a scout, also took control of the team temporarily before Zico's arrival.

He will lead the Greek title-holders in their next match against PAOK on Sunday.