Olympiakos have made several poor performances in recent weeks and the 56-year-old Brazilian coach failed to turn things around.
Zico was named Olympiakos coach just four months ago.
“Olympiako announces the termination of their co-operation with coach 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 for the time being,” a statement on the official Olympiacos website reads.
