"Di Francesco has left the club with immediate effect," the club said in a statement.
"The club would like to thank Eusebio for his work during his time at AS Roma and wish him success in the future."
Roma lost 3-1 at Porto in the second leg of their round of 16 tie on Wednesday and were knocked out of the Champions League 4-3 on aggregate, with a decisive goal coming from a penalty three minutes from the end of extra time.
Italian media are already reporting that Claudio Ranieri, who was fired by English Premier League side Fulham last week, is a possible replacement.
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