The Brazilian, who took charge of the Istanbul club in 2006, was linked to the managerial vacancy at Manchester City before Mark Hughes stepped in, and both Blackburn and Chelsea are currently looking to recruit a new boss.

After winning the Super Lig title in his first season with Fenerbahce, they failed to emulate that achievement last season when they had to settle for a second-placed finish behind Galatasaray, although an impressive Champions League challenge was only ended by Chelsea at the quarter-final stage.

Fenerbahce president Aziz Yildirim told television station, NTV: "We have parted company with Zico.

"We know who the new coach will be and he will sign an agreement in Istanbul next week."