Tim Sherwood has been relieved of his duties as Tottenham manager, the club have confirmed.
The 45-year-old took over in December when Andre Villas-Boas left the club, helping them finish the Premier League season in 6th place.
Speaking in a statement issued by Tottenham this morning, chairman Daniel Levy revealed that Sherwood had been let go in accordance with a clause in the 18-month contract he was handed last year.
"We appointed Tim mid-season as someone who knew both the players and the Club," he said.
“We agreed an 18-month contract with a break clause at the end of the season and we have now exercised that option."
Sherwood leaves the club win a win percentage of 59% - the highest in Tottenham's Premier League history. However his time in charge was punctuated with heavy defeats against Liverpool and Manchester City, while his outlandish comments in press conferences and on the touchline also caught the eye.
"Since appointing Tim as Assistant First Team Coach in 2008 and then as Technical Co-ordinator in 2010 and Head of Football Development in 2012, we have been supportive of him during football management changes throughout that period," Levy continued.
"On behalf of the Club, I should like to state our thanks for all his efforts during his years with us. We wish him great success in his managerial career.
“Moving forward, now the season is over, we shall embark on the process of finding a new Head Coach.
"We have a talented squad and exciting young players coming through. We need to build on this season, develop our potential and inspire the kind of performances that we associate with our great Club."
Spurs splashed over £100 million on seven new players last year following the departure of star man Gareth Bale, however they failed in their quest to secure Champions League qualification.
The man eventually named as Sherwood's successor will be charged with that very task - and it is Southampton boss Maurico Pochettino who is currently the favourite to take over at White Hart Lane.
Ajax manager Frank de Boer has also been heavily linked with the role.