Boca Juniors will not renew its contract with coach Guillermo Barros Schelotto after losing to fierce rival River Plate in the Copa Libertadores final.
Boca lost the second leg 3-1 in extra time last Sunday in Madrid, and 5-3 on aggregate. It was the first Copa final between the Buenos Aires rivals.
"The best thing for Boca is to start the year making a change -- search for a new coaching staff and start all over from scratch," Boca Juniors President Daniel Angelici said at a news conference on Friday.
Barros Schelotto remains popular with Boca fans. He won three Copa Libertadores as a player and had been coaching the team since mid-2016. His contract was due to end on Dec. 31.
"Despite not winning the Copa Libertadores, I leave at peace knowing that I left it all on the field," the 45-year-old Barros Schelotto said, sitting next to Angelici.
"This is the best decision that we could have taken."
In addition to his playing days in Argentina, Schelotto won an MLS championship in 2008 with the Columbus Crew, where he also earned MVP honors that season.
Information from the Associated Press was used in this report.