The former Sampdoria boss suffered four defeats in his first seven games, including a 2-0 loss to rivals Inter Milan. Former Inter coach Luciano Spalletti, 60, is first choice to replace Giampaolo, Italian media report.
Santiago Solari, Real Madrid's B team coach, has been temporarily put in charge until a replacement is found for Julen Lopetegui.
Tottenham Hotspur moved eight points clear of Chelsea in the English Premier League with a 3-1 victory, the club's first win at Stamford Bridge since 1990.
Bayern Munich head coach Heynckes has a full-strength team at his disposal for their Champions Leagues match against Besiktas, while Barcelona manager Valverde says he wanted to avoid meeting Chelsea in the last 16 round of the UEFA's top tournament.
Four-time champions Italy sensationally missed out on their first World Cup finals in 60 years after a playoff defeat to Sweden on Monday.
While Ronaldo won the Spanish league and Champions League at Real Madrid, Messi and Neymar collected only the Copa del Rey title with Barcelona.
The most coveted prize in European club football started with a bang on its first night with a total of 28 goals being scored.
The legends will face-off for the title of World's Best Player again after FIFA released its shortlist on Thursday.
Aaron Ramsey's 79th-minute header sealed victory for Arsenal, three minutes after Diego Costa's equaliser had revived Chelsea's hopes of capping a superb season in style.
Chelsea crowned Premier League champions with three games to spare, after a 1-0 victory at West Bromwich Albion. It is Chelsea's second title win in three seasons, their sixth in total, and comes at the end of Conte's first season as manager.
Germany defeated Italy 6-5 on penalties after the match finished 1-1 in extra time, enabling the team to progress to the Euro semifinals.
Chelsea announce appointment of Antonio Conte as club's new manager on three-year contract
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