Olympiakos sack Zico
The 56-year-old former Brazil international took charge of the Greek Champions just fourth months ago, replacing Temuri Ketsbaia on September 16.
Olympiakos drew 0-0 with Kavala on Sunday to fall seven points behind league leaders Panathinaikos, having suffered two defeats in their last four Super League matches.
The Piraeus-based team also exited the Greek Cup at the fourth round stage after losing to a second division side.
The Greek titleholders are, however, through to the last 16 of the Champions League, where they face French club Girondins Bordeaux.
"Olympiakos announces the termination of their co-operation with the coach (Zico)," said a brief statement on the club website.
"The technical leadership of the team will be undertaken by Bozidar Bandovic and Andreas Niniadis."
Bandovic, 40, works for the club as a scout and also temporarily took control of the team before Zico's arrival.