Antonio Conte has left his role as Inter Milan manager.
The news was broken by Fabrizio Romano on Wednesday afternoon and has now been confirmed by Inter in a statement.
"FC Internazionale Milano announces that it has reached an agreement for the consensual termination of the contract with the coach Antonio Conte," their statement reads.
"The whole Club would like to thank Antonio for the extraordinary work he has done, which culminated in winning the nineteenth Scudetto. Antonio Conte will remain forever in the history of our Club."
Romano adds that Inter will pay Conte €7m for him to leave with immediate effect.
Inter will look for a new manager immediately, with Simone Inzaghi and Allegri both on their shortlist.
Conte had a highly successful spell as Inter manager.
The 51-year-old joined Inter in 2019. He led I Nerazzurri to a second place finish in Serie A and to the Europa League final in his first season in charge.
He broke Juventus' dominance and guided Inter to their first Scudetto since 2010 in the 2020/21 campaign.
So, why is Conte leaving Inter?
The major reason is due to the financial situation they are currently in.
Romano tweeted earlier on Wednesday: "His ambitions do not coincide with the plans of the club as Inter need to sell players for €80m this summer due to financial situation. That’s why Inter and Conte could part ways soon."
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It will be fascinating to see where Conte goes now.
He showed in the 2020/21 campaign that he is still one of the very best managers in the world.
Tottenham are one club that are currently looking for a manager. It would be a brilliant move were they to convince the Italian boss to join.
A move to Real Madrid or Barcelona could also be a possibility with doubts surrounding the futures of Zinedine Zidane and Ronald Koeman respectively.