Shevchenko was appointed to replace Davide Ballardini in November with the club just one place above the relegation zone.
The 45-year-old signed a contract that was supposed to run until the summer of 2024 but he won none of his nine Serie A games in charge, prompting an early termination of his contract.
Shevchenko’s only win as Genoa boss came in the Coppa Italia against Salernitana.
'Genoa CFC announce that coach Andriy Shevchenko has been relieved of his post,' the club wrote in a statement.
'The club thanks the coach and his staff for the hard work they have done in recent months.'
Genoa have placed the club’s under-17 manager Abdoulay Konko in temporary charge until a new manager is found.
The Genoa job was Shevchenko’s first in club management, having impressed as manager of his country in a five-year stint between 2016 and 2021.
The former Chelsea and AC Milan striker qualified Ukraine to the 2020 European Championship after missing out on a place at the 2018 FIFA World Cup in Russia.
Shevchenko guided Ukraine to the quarterfinals of EURO 2020 for the first time in their history before losing 4-0 to England.
Shevchenko won the much coveted Ballon d’or award in 2004 while on the books of AC Milan.
