The Brazilian, who took charge of the Istanbul club in 2006, was linked to the managerial vacancy at Manchester City before Mark Hughes stepped in, and both Blackburn and Chelsea are currently looking to recruit a new boss.
Fenerbahce president Aziz Yildirim told television station, NTV: "We have parted company with Zico. We know who the new coach will be and he will sign an agreement in Istanbul next week."
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