The World Cup winner still had a year left on his contract but he has been fired and is set to be replaced at the helm by Sinisa Mihajlovic.
AC Milan have confirmed the dismissal of coach Filippo Inzaghi.
The former youth-team coach only took charge of the senior squad last summer, succeeding Clarence Seedorf at the helm.
However, after a disappointing 2014-15 campaign, which saw Milan fail to qualify for Europe after finishing in 10th in Serie A, the Rossoneri decided to part company with the World Cup winner.
"AC Milan announces that it has sacked the coach of the first-team squad, Filippo Inzaghi, who has been thanked for the work done," read a short statement released on the club's official website.
Milan owner Silvio Berlusconi had already been publicly pursuing a new coach, having done his utmost to try to persuade former boss Carlo Ancelotti to return to San Siro after his sacking by Real Madrid.
However, with Ancelotti having opted to take a break from the game to recover from scheduled back surgery, the Rossoneri are now set to hire Sinisa Mihajlovic, who stepped down as Sampdoria coach at the end of last season.
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