At the end of Saturday's 2-1 home win over Godoy Cruz in their last match of the 2012/13 Apertura championship, Falcioni left the field to a cacophony of whistles at a packed Bombonera.
"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.
"La Bombonera has spoken and we can't be arrogant," Angelici added of himself and the club's board. "We, who do not believe we own the truth or the club, know when to listen to the club's real owners, who are its members."
Despite a successful two years in charge, during which Boca won a league title and the Copa Argentina knockout competition and reached this year's Libertadores Cup final, Falcioni was disliked and effectively forced out by a majority of Boca fans.
Angelici, who had always expressed his support for Falcioni, met with the 56-year-old former goalkeeper only last week to discuss renewing his contract.
A key factor in the fans turning against Falcioni after Boca won last season's Apertura was his footballing differences with gifted former Argentina playmaker Juan Roman Riquelme, one the club's biggest idols.
Since Boca lost to Brazil's Corinthians in the team's record 10th Libertadores Cup final in July, Falcioni's popularity with the fans plummetted as Riquelme walked out on the team and has not played since.
Former Barcelona and Villarreal midfielder Riquelme, who has not officially retired and is regularly linked with a move abroad, said at the time he felt empty and has often criticised Falcioni's cautious tactics.
Boca lost the Argentine Supercup to Clausura champions Arsenal on penalties in August and have just finished fifth equal eight points behind winners Velez Sarsfield in this season's Apertura.
Falcioni, who played in goal for Velez and Colombian clubs America de Cali and Once Caldas, was signed by Boca after steering modest Banfield to their first league title in 2009.
