In the wake of Kovac's sacking, sporting director Hasan Salihamidzic called for a "positive" display, but Bayern's stars struggled to deliver.
Former Germany assistant coach, Hansi Flick, has taken over as Bayern Munich's temporary manager for the club's Champions League match at Allianz Arena against Olympiakos on November 6 and their league match against Borussia Dortmund on November 9 at the Allianz Arena.
The former Croatia global, 48, said it was the right move for the side who are fourth in the table.
"I think this is the correct decision for the club at this time", Kovac admitted. My brother Robert and I thank Bayern for the last one-and-a-half years.
He added: "They have shown in Piraeus that they are very defensively strong and very compact, they have good wing play and a lot of good individuals".
Bayern have been looking for a new manager since they sacked Kovac earlier this month.
Hans-Dieter Flick, who was appointed assistant to Kovac at the start of the season, is the interim manager and is expected to take charge of both fixtures.
Saturday's result left Bayern fourth in the Bundesliga, although they're only four points off leaders Monchengladbach and look set to qualify as group winners in the Champions League.
Following Bayern's 5-1 humbling at the hands of Frankfurt the hosts will be hurting and that does not bode well for an Olympiakos rearguard who will be coming up against the top-scoring team in this season's Champions League.
New Zealand midfielder Sarpreet Singh is on Bayern Munich's books but is yet to play in the Bundesliga. The Gunners are now fifth in the Premier League standings, 14 points off league leaders Liverpool, and a bad result against Leicester City this Saturday could send Emery packing.
While on Monday, Ten Hag responded to a question about staying with Ajax for remainder of the season by saying: "Yes, I can confirm that".