Former Milan striker Sheva had taken his first club management job at Genoa by replacing Davide Ballardini in November.
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In a statement, Genoa said that Under-17 coach Abdoulay Konko would be caretaker manager until the club finds a permanent replacement for the Ukrainian.
The 45-year-old former AC Milan and Chelsea striker replaces Davide Ballardini who was sacked on Saturday.
Ukraine head coach Andriy Shevchenko has stated that he will make changes in his starting line-up from the set that defeated Lithuania 3-0 for the international friendly encounter against the Super Eagles.
He was joined by Ukrainian football legend Andriy Shevchenko to officially take possession of the Champions League trophy following the draw at UEFA’s headquarters in Nyon, Switzerland.