The artwork, which features three monkeys with painted faces was unveiled on Monday and was intended to be displayed at the Serie A headquarters in Milan.
AS Roma and AC Milan came out to condemn the paintings, highlighting its racist nature.
Simone Fugazzotto, who is the artist behind the paintings has defended his work, as he wanted to portray the message that “we are all monkeys”.
A statement from De Siervo read: "We want to apologise to all those who felt offended by the work carried out by Simone Fugazzotto last May, for the Coppa Italia final.
"Despite the artist's explanation that the idea of his creation was a message against racism, the work appeared to be questionable to many.
"What cannot be questioned is the strong and constant condemnation by Serie A against all forms of discrimination and racism, which we are committed to eradicating from our league.
"Serie A is working on an official anti-racism campaign, which cannot be identified with the work of Fugazzotto, and which will be presented by the end of February."
The controversial ‘No To Racism’ campaign comes at a time when Serie A is struggling to deal with the issue.
Inter Milan striker Romelu Lukaku was subjected to monkey chants as he prepared to take a penalty at Cagliari earlier in the season while Brescia frontman Mario Balotelli threatened to walk off after being racially abused by Hellas Verona fans in November.
Popular Italian newspaper Corriere dello Sport caused a stir when the headline ‘Black Friday’ featuring Lukaku and Chris Smalling was used to preview Inter Milan against AS Roma on its front page a fortnight ago.
