Eurosport - Panathinaikos
The 66-year-old Argentine, who took control following the sacking of Jesualdo Ferreira in November after a bad start to the season, initially rallied the Greens but results have since been poor.
A statement on the club website said Rocha's replacement would be announced on Tuesday.
Local media reports said former coach Jacek Gmoch, 73, was a leading candidate to take charge for a third spell at the club.
Eurosport's Andreas Evagora examines the More »
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