Zico said that he had "entered into an agreement for the amicable cancelation" of his contract after his team suffered three defeats in a row.
"Unfortunately, we didn't get the results and football is like that," said Zico, who played at the 1978, 1982 and 1986 World Cups and is widely regarded as one of the finest players Brazil has produced.
"I was very well received by everyone here and the club has always behaved in a correct and proper manner."
Zico's coaching career has been marked by ups and downs.
During four years as coach of Japan, he won the Asian Cup in 2004 and led them to the 2006 World Cup in Germany where they managed only one point from three games.
He then joined Fenerbahce and led the Turkish club to the Champions League quarter-finals for the first time and was nicknamed "King Arthur" by the club's admiring fans.
That was followed by shorter spells with Bunyodkur in Uzbekistan, CSKA Moscow, Olympiakos and the Iraq national team, which he quit after one year complaining that the federation had failed to fulfil the terms of his contract.)
- Sports & Recreation