The Serie A side announced in a brief statement on Tuesday morning that they were dispensing with Di Carlo's services just six games into the new season.
Chievo lost 4-1 at fellow strugglers Palermo on Sunday to slip into the bottom three.
The Flying Donkeys have lost their last five league games after starting the campaign with a victory.
Di Carlo, 48, returned for his second spell in charge of the Verona club in June last year - he first led them between 2008 and 2010 before less than a year in charge of Sampdoria - and guided them to a respectable 10th-placed finish last season.
A statement from Chievo read: "The club offer our heartfelt gratitude to the coach and his staff, not only for the excellent results achieved during his three seasons at Chievo, but especially for their commitment, professionalism and dedication."
His replacement, Corini, spent five years as a player with Chievo from 1998 to 2003.
This job is his first as a manager in the top flight after spells in charge of lower-league sides Portosummaga, Crotone and, most recently, Frosinone.
His first game will be at home to Sampdoria on Saturday.
Corini, who retired as a player due to an Achilles tendon injury in 2009, could barely contain his delight at his unveiling near Lake Garda on Monday evening.
Quoted in the Gazzetta dello Sport, the Brescia-born coach told reporters: "This is an amazing opportunity for me and I'm grateful to the club.
"They stayed loyal to me when I was going through a tough time as a player - after a serious injury - and I won't disappoint them this time.
"I'm lucky to have worked under 'masters' like Gigi Del Neri and Francesco Guidolin, so I'll try to apply what they've taught me in the best possible way.
Corini took training for the first time on Monday afternoon and has recruited Reggiana assistant manager Salvatore Lanna to his coaching staff in Verona.
"I already knew a lot about Chievo, I knew about the situation and all about the individual players," the 42-year-old added.
"That's why the directors called me when they decided to change (the coach).
"We start with the challenge of Sampdoria and I'm confident.
"The squad is a good one and we have everything here that we need to survive."