Mihajlovic was sacked following Fiorentina’s disappointing start to the season.
“Sinisa Mihajlovic did his job with dedication and professionalism,” a Fiorentina statement read.
“We want to thank him and wish him the best so that this career can continue with increasing satisfaction and success.”
Rossi has signed a contract that will keep him as Fiorentina coach until the summer of 2013.