Powell was sacked last month following the Women's European Championship in which her side failed to win a single game, gaining just one point to finish bottom of their group.
England had been one of the pre-tournament favourites but were overcome by Spain, Russia and France before the knock-out stages.
The 46-year-old is the longest-serving female coach, having taken the reigns of the Lionesses 15 years ago in 1998.
She managed to lead the side to the World Cup in 2007 for their first appearance in 12 years, as well the following tournament in 2011 and were runners up at Euro 2009.
Powell claimed that she wasn't aware a bad tournament would signal the end of her tenure but has accepted the decision from the FA.
However, the first woman to gain a UEFA pro coaching license was at a loss to explain what went wrong in Sweden.
"I think everybody gave 100% as we always did but when it came to the games we just didn't perform and we have to accept that.
"We just didn't perform. It was not through lack of effort on the players' part.
"I am disappointed, but I have accepted it and have to move on."
The future of the Women's side is unclear at the moment. Assistant coach Brent Hills has taken charge temporarily but USA based coach Paul Riley has expressed an interest in the vacant position.
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