Roberto Mancini has been sacked as manager of Manchester City following their defeat to Wigan Athletic in Saturday's FA Cup final.
Mancini had been in charge at the club for three-and-a-half years, since taking over from Mark Hughes in 2009. The Italian won an FA Cup in his first full season (2010-11) and ended the club's 44-year wait for a Premier League title last term (2011-12).
However, with the Citizens set to finish the 2012-13 season without silverware, the club's administration has shown the door to Mancini, since the 48-year-old failed to secure any of their targets for this year.
"It is with regret that Manchester City Football Club announces that Roberto Mancini has been relieved of his duties as Manchester City manager. This has been a difficult decision for the owner, Chairman and Board to make and it is the outcome of a planned end of season review process that has been brought forward in light of recent speculation and out of respect for Roberto and his extensive contributions to the football club," read a statement on the club's website.
"Despite everyone's best efforts, the club has failed to achieve any of its stated targets this year, with the exception of qualification for next season's UEFA Champions League. This, combined with an identified need to develop a holistic approach to all aspects of football at the club, has meant that the decision has been taken to find a new manager for the 2013-14 season and beyond. Assistant Manager Brian Kidd will take interim responsibility for the remaining two games of the season and the post-season tour to the United States," it added.
Mancini's future at City was under intense speculation of late, after recent reports suggested Malaga manager Manuel Pellegrini has already agreed to take charge at the Citizens at the end of the season. Mancini had criticised City for not playing down these reports and not handling the situation well, after the FA Cup final.
"Roberto's record speaks for itself and he has the respect and gratitude of Sheikh Mansour, myself and the Board for all of his hard work and commitment over the last three and a half years. He has clearly also secured the love and respect of our fans," said club chairman Khaldoon Al Mubarak.
"He has done as he promised and delivered silverware and success, breaking the Club's 35-year trophy drought and securing the title in 2012. I would like to personally and publicly thank him for his dedication to the progress that he has overseen and for his support and continued friendship," he added.