The Alviverde have dropped down a division for the second time in 10 years after conceding a late equaliser against the Rubro-Negro at the weekendPalmeiras have been relegated from the Brasileiro after only drawing 1-1 with Flamengo in Rio de Janeiro on Sunday.
The Alviverde looked to have taken their fight for survival to the penultimate matchday thanks to Vinicius' goal on 63 minutes, but former CSKA Moscow striker Vagner Love struck the fatal blow on their hopes with just moments of normal time remaining.
Their failure to beat the Rubro-Negro meant that they would have to rely on the outcome of other games, but Portuguesa's 2-2 draw with Gremio made it mathematically impossible for them to stay up.
Earlier in the season, the eight-time Brazilian champions had lifted the Copa do Brasil under the tutelage of Luiz Felipe Scolari, but it took them seven rounds of matches to win their first league match.
However, the ex-Brazil and Chelsea boss was accused of prioritising the domestic cup over the Brasileiro, and after failing to improve their fortunes in the top flight, he was sacked by the club and replaced by Gilson Kleina.
Nonetheless, due to their trophy success, Palmeiras have become the first Brazilian side to qualify for the Copa Libertadores, which they last won in 1999.