Olympiakos has informed manager Besnik Hasi he is no longer the coach of the Greek champion, following the dramatic 3-2 loss at AEK.
The Reds squandered a 2-0 lead conceding three goals in the last half-hour of the derby at the Olympic Stadium on Sunday, and in the early hours of Monday the Olympiakos board decided it should move on with another manager.
Hasi only got in charge of the Piraeus club in the summer.
Pending the official announcement by the club, Hasi will not even lead the Reds in Turin against Juventus on Wednesday for the Champions League with Antonis Nikopolidis coaching the team as a caretaker.
Reports bring Uruguayan Gus Poyet, formerly of AEK, Sunderland etc., as the favorite to take over in Piraeus.