Athletic Bilbao have confirmed Ernesto Valverde has stepped down from his position as the Basque club's manager on Wednesday (24 May).
A statement on Athletic official website read, "Ernesto Valverde will not continue as manager of the premier team of Athletic Club in 2017/18 season. The coach, accompanied by the President Josu Urrutia, will offer a press conference on Wednesday, May 24 at 12:00 at José Iragorri press room of San Mamés."
The 53-year-old joined the Basque club in 2013 and won the Spanish Super Cup in 2015 after defeating Barcelona 5-1 on aggregate. Valverde has been linked with the managerial jobs at Camp Nou and Arsenal, and his decision to step down will come as a welcome boost for both the clubs.
Luis Enrique will be in charge of the Catalan club for the last time when they host Alaves in the Copa del Rey final. He has already confirmed that he will step down from his post in the summer.
Meanwhile, Arsene Wenger's future at the Emirates remains uncertain as the Frenchman is yet to make his decision public. The Gunners finished – fifth – outside the top four for the first time under his guidance.
Arsenal will face the last match of the season when they face Premier League winners Chelsea in the FA Cup final at Wembley on 27 May.
Spanish publication Marca earlier reported that Valverde received a phone call on behalf of Arsenal over his availability for the next season. The north London club are believed to provide challenge to Barcelona in signing the former Olympiacos, Espanyol, Villarreal and Valencia manager.
Valverde earlier refused to deny the reports linking him with a move to Arsenal. The Spaniard hinted that he would be open to the idea of moving to the Premier League after admitting it was an "enriching experience" to manage abroad.
"I do not know where all those things come from. I've already trained abroad and for me it was an enriching experience. It was extraordinary," Valverde explained.
"I do not know what is going to happen in the future but it's not a personal target to go to one place or another. We will see if I go [to the Premier League] now, soon or never. We'll see what happens in the future."