Mr. Montella was dismissed one day after a goalless home draw with Torino left Milan seventh in Serie A with 20 points from 14 games, 18 behind leaders Napoli.
Milan had spent more than 200 million euros (£178.91 million, about N90 billion) on transfers in the close season.
“We give heartfelt thanks to Montella and his staff for their efforts, serious work and professional courtesy,” Milan said in a statement.
Mr. Gattuso, 39, spent 12 seasons playing for Milan, winning two Serie A, two Champions League and one Club World Cup titles, and was known as one of Italy’s toughest players.
His coaching career has been a mixed bag, although never dull.
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