Wednesday’s loss put the club seven points behind leaders Dnepropetrovsk in the country’s top flight football league and buried their hopes of winning the trophy this year, reports Xinhua.
Under Blokhin, who trained Dynamo since September 2012, the club failed to win either the Ukrainian league or the country’s Cup titles.
The 39-year-old Sergey Rebrov, a former Ukrainian striker and long-time driving force of Dynamo, will be in-charge of the team till the end of the current season.
Blokhin, who was named the 1975 European Footballer of the Year, is one of the best players in the history of Ukrainian football, playing for Dynamo through the 1970s and 1980s. During his career as a manager, the 61-year-old Blokhin coached several Greek and Russian clubs as well as the Ukrainian national team.