The club's executive director Rodrigo Caetano was also dismissed on Thursday, less than 24 hours after a 1-0 semi-final loss to Botafogo at the Maracana Stadium, reports Xinhua news agency.
In a statement published on their official website, Flamengo said Assistant Manager Mauricio Barbieri would now lead the team on an interim basis
Carpegiani assumed the position in January after the departure of Colombian Reinaldo Rueda, who quit to coach Chile's national side.
The 69-year-old recorded 11 wins, three losses and three draws in his third spell as Flamengo's coach.
During his first period in charge, Carpegiani guided Flamengo to the 1981 Copa Libertadores and Intercontinental Cup titles.
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