Ruud van Nistelrooy has finally left Leicester after weeks of silence about his future.
With the players due to return for pre-season training on June 30, Leicester have belatedly called time on the Dutch head coach – even though their relegation from the Premier League was sealed as long ago as April 20.
The remaining coaching staff, including 2016 Premier League title-winner Andy King, will oversee preparations until a permanent appointment is made. King would be a contender to replace Van Nistelrooy, at least on an initial interim basis.
The timing of Van Nistelrooy's exit is thought to be linked to Leicester's concerns over breaking spending rules.
His compensation package is now set to be deferred until next month, meaning Leicester would not have to include two pay-offs for managers for the current 12-month accounting period, which ends on June 30.
Van Nistelrooy's departure is the latest chapter in Leicester's troubled recent history. They face a possible points deduction next season for breaking profitability and sustainability regulations in the 2023-24 campaign.
The 48-year-old took charge of 27 matches but oversaw just five wins and 19 defeats, and his side's fate was sealed with five games of the season remaining.
The club said the termination of his contract was decided by mutual consent before praising his 'professionalism, integrity and clear commitment'.
They added that Van Nistelrooy 'moves on with respect and thanks of everyone'.
Senior figures at Leicester admire Danny Rohl, who is set to leave Sheffield Wednesday and worked with Foxes technical chief Martyn Glover at Southampton. Former Everton boss Sean Dyche has also been linked with the job.
Van Nistelrooy replaced Steve Cooper in late November and signed a deal until 2027, but the Foxes' form nosedived, resulting in their relegation being rubberstamped on April 20 after a 1-0 defeat by Liverpool, a ninth home loss in a row without scoring.
'I would like to personally thank the Leicester players, coaches, academy and all the staff I have worked with for their professionalism and dedication during my time at the club and to thank the fans for their support, and take this opportunity to wish the club well for the future,' Van Nistelrooy said in a statement.
He was appointed at the King Power Stadium less than a month after leaving his role as an assistant coach at Manchester United.
Van Nistelrooy also enjoyed a successful spell in interim charge following Erik ten Hag's dismissal last October.
Leicester have effectively frittered away two months that they could have used to plan effectively for the Championship, though this is not their only worry.
The club's parent company, King Power, faces significant financial challenges, according to new chief executive Nitinai Sirismatthakarn.
King Power generates much of its revenue from duty free at airports in Thailand, and Sirismatthakarn revealed the company are in talks with Thai airport authorities to find a way through the current difficulties.
'It's like a patient surviving on oxygen. The company's intention was to ask AOT to remove the oxygen because we can't cope anymore. That was the signal we sent.'