United Arab Emirates international Nasser was dismissed 10 minutes into the second leg against Bahraini side Al Muharraq, who took advantage of the extra player to overturn a 3-1 first leg deficit and prevail on penalties.
Al Wasl directors described Nasser's behaviour as a "disgraceful act" that was "detrimental, not just to the reputation of Al Wasl, but the country as a whole," in a statement on the club's website.
The 28-year-old Nasser has a history of violence and was banned for 17 matches earlier this year for slapping a rival coach, which led to him announcing his retirement from the sport only to later backtrack.
The loss capped a disappointing first season in charge for Argentine great Maradona, who led Al Wasl to eighth in the 12-team standings.
The World Cup winner has said he plans to see out his two year contract with the side and is already preparing for next season which starts in September.
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