Although the Ukrainian giants have made a decent start to their Premier League campaign, with seven wins from their opening nine encounters to lie third, they have lost four of their last five games in all competitions.
A 4-1 defeat against Paris Saint-Germain in the Champions League last week was followed by the same score against main domestic rivals Shakhtar Donetsk, who also beat Dynamo 3-1 in the league on September 2.
"FC Dynamo Kiev thanks Yuri Semin and the entire coaching staff of the team for their co-operation and wishes them every success in their future activities," said a statement on the club's official website.
"His replacement for the next game will be announced in the near future."
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