Falcioni, who steered Banfield to the league title in 2009 and Boca to their last crown in 2011, believed he could improve the team's results given time but the club lost patience.
"I felt I could I could turn things around but the board had taken a decision," Falcioni told a news conference. "This (departure) had been discussed before the Boca match. A result wouldn't have changed anything."
Former Fulham, Celta Vigo, Racing Club and Quilmes striker Facundo Sava, who has been coaching O'Higgins in Chile, is set to take over on Tuesday, according to media reports.
Falcioni, who took charge at the beginning of the year, leaves Quilmes in 23rd place in the 30-team championship with 16 points, and four victories, from 17 matches.
Boca lead the standings with 37 points, one more than San Lorenzo and three ahead of River Plate.
(Reporting by Luis Ampuero; Writing by Rex Gowar, editing by Tom Hayward)
