Former boss Carlos Bianchi, who led the club to three Copa Libertadores triumphs in four years in the early 2000s, is favourite to take over the job.

Falcioni was roundly jeered by Boca fans during the team's 2-1 home victory over Godoy Cruz in the last match of the 2012 Apertura championship on Saturday.

"I want to tell Boca members and fans that, after a talk I had with Julio Cesar Falcioni, we have decided not to renew his contract, understanding that what happened on Saturday has made both of us reflect it would be very difficult to work under so much pressure," club president Daniel Angelici told a news conference.

Falcioni had been under pressure since Boca's 3-1 aggregate loss to Brazil's Corinthians in the Copa Libertadores final in July.

Boca finished Argentina's 2012 Apertura championship in a disappointing sixth place.