The Seville-born coach was in charge of the team during just eight games and he struggled to impose his style of play.
Under Caparros, who has become the seventh manager to lose his job since the start of the current La Liga season, Osasuna picked up seven defeats and only one victory.
The experienced tactician had arrived at the Pamplona side two months ago, to replace Enrique Martín at the helm.
Martin was sacked on 7 November, after only 11 games into the season.