Galatasaray have announced the signing of Lukas Podolski from Arsenal, with the Germany international signing an initial three-year deal.
Former Juventus and Italy striker Ravanelli was dismissed shortly after Saturday's 3-1 defeat at home to Valenciennes - their fourth successive league loss which left them second bottom of the Ligue 1 table.
Bracconi was serving as the club's youth academy director but will now look after first-team affairs until a permanent successor is found. He is expected to remain in charge until at least the winter break.
The 52-year-old told a press conference this morning: "Nobody wanted this current situation but it required a response from the board.
"I am going to rely on the quality of the squad, there is enough there to reverse this run."
Bracconi accepts helping the players regain their self-belief will be key to their survival chances.
"This squad must find their belief," he added.
"When you invest so much but only win two games in 18 doubt sets in.
"Football is, first and foremost, fun and I want the players to show that. We will make a new start."