The announcement follows the team's 2-3 away loss to Bolivia's Jorge Wilstermann in their Copa Libertadores group match on Wednesday, reports Xinhua news agency.
"Palmeiras are thankful for the services given by (Baptista)... and wish him success for the rest of his career," the Sao Paulo outfit said on their official website.
Baptista led Palmeiras to 14 wins, four losses and five defeats.
Despite Wednesday's result, Palmeiras lead their Copa Libertadores group with 10 points from five matches.
Club president Mauricio Galio said he expected to name a new coach within days.
(This story has not been edited by Social News XYZ staff and is auto-generated from a syndicated feed.)
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