Ipswich Town have confirmed that Mick McCarthy will depart as manager of the club when his contract at Portman Road concludes at the end of the season.
McCarthy and owner Marcus Evans met for talks on Wednesday night.
"Mick and I had a discussion and we both agreed that this was the best way forward for him and for Ipswich Town,” Evans told Ipswich's club website.
"It never got to the point where we actually talked about a new contract. It just felt right that it was time for us both to look at different options."
McCarthy has been at the club for five-and-half years, initially joining on a two-and-a-half year contract in late 2012. After finishing 14th in that first season - they had been in the relegation places when he joined - there was steady progress to the high point of a playoff place finish in 2014/15. Those heights have not been reached since.
"I had a good discussion with Marcus and we feel this is the right thing to do for me and for Ipswich Town,” said McCarthy.
"I have loved my time here and I am proud of what I have achieved over the last six years - and the relationship I have enjoyed with the players and all the staff at the Club in that time.
"I won’t be leaving with any regrets. I have given everything for Ipswich Town and I will see out my contract in the same way."