The club has already fired two coaches, sacked the administrative staff and parted company with all of its sponsors since businessman Chagaev took over in May.
"Rodrigo Galatto is no longer part of the group," team manager Sony Anderson told Le Matin newspaper.
"Against FC Basel on Sunday, [Jean-Francois] Bedenik will be our number one."
Galatto was one of three South Americans who joined the club last week along with Paraguay striker Edgar Benitez and Brazilian forward Carlao.
Possibly unfamiliar with Neuchatel's artificial pitch, he endured a nightmare debut in the Swiss League at the weekend as they lost 3-0 at home to FC Lucerne.
Fans at that game were issued hand-written tickets on pieces of note-paper as the club was unable to print genuine tickets in time following the re-organisation of the administrative department.
The Banque Cantonale Neuchateloise was one of the sponsors to part company with Neuchatel, saying in statement: "The arrival of new directors has installed a climate of uncertainty and a lot of recent decisions do not correspond to the ethics, values and image which BCN stands for."
Coach Didier Olle-Nicole was fired on May 12, the day the club was sold to Chagaev, and his replacement Bernard Challendes was dismissed three weeks later after the team escaped relegation but lost to Sion in the Swiss Cup final.
Galatto became famous in his native Brazil for his performance in the so-called "Battle of the Afflicted" six years ago when he helped Gremio win a second division promotion playoff 1-0 at Nautico despite having four players sent off.
