Rossi attacked Fiorentina midfielder Adem Ljajic after his objection to being substituted 32 minutes into the match.
Fiorentina president Andrea Della Valle released a statement after the side’s 2-2 draw with Novara, apologising for the manager’s attack.
“For his own good to make him understand he has made a mistake I had to take this decision. No provocation justifies this reaction.”
Rossi’s outburst came at the tail end of a difficult campaign for Fiorentiana to remain in the Serie A league.
The match put them six points clear of the drop zone with two games remaining, but Rossi, who replaced Sinisa Mihajlovic in the coach’s role in November, let the pressure get to him when the team was 2-0 down in the game.
TV pictures clearly show him attacking Ljajic as he sat on the bench.
As Ljajic sarcastically clapped at the decision to substitute him, Rossi began throwing punches as others on the bench tried to restrain him.
Rossi will face repercussions for his behaviour, said club president Andrea Della Valle.
“For respect of the person with whom I believed in to reconstruct Fiorentina I will say nothing official until tomorrow,” he added.
“Then you will know who will be given the reins of the team.
“We will also take proportionate measures against Ljajic.
“Rossi has not justified it to me but he is someone who has never done anything like this.
“I am sorry also that in the 10th year of my reign and with what he has brought – we have won at Milan and Roma and I believed this evening we would have achieved safety, certainly not that I would have to take a decision like this.”
