Alan Curbishley has resigned as manager of West Ham United after reports of a fall-out with the club's hierarchy over their transfer policy.
The 50-year-old is said to have been annoyed by the club's failure to invest in new players after selling defenders Anton Ferdinand and Northern Ireland's George McCartney without having signed replacements.
Curbishley, a former West Ham player, enjoyed initial success at West Ham after arriving in December 2006 and, with financial backing from the club's Icelandic owners, brought in players including Lucas Neill, Matthew Upson, Scott Parker, Julian Faubert, Craig Bellamy, Fredrik Ljungberg and Kieron Dyer.
A statement on the club's website read: "We can confirm we have accepted Alan's resignation as it is in the best interests of both parties."
The statement added: "We wish Alan all the success in the future. A shortlist of candidates is being drawn up and an announcement will be made in due course about the new manager."
West Ham also moved to justify the summer departures of Ferdinand and McCartney, stating that the sales were "right for the club" and "based on our best long-term interests".
"In the past week, agreement could not be reached with Ferdinand on a new contract to replace his original deal that had just two years left to run."
"McCartney handed in a formal written transfer request after failing to resolve his personal reasons for wanting a move away."
Curbishley took over from Alan Pardew as West Ham manager in December 2006 and was promised significant transfer funds to help achieve the objective of qualifying for the Champions League within five years.
He brought in players including Lucas Neill, Matthew Upson, Scott Parker, Julian Faubert, Craig Bellamy, Fredrik Ljungberg and Kieron Dyer.
However he was later told to reduce the club's wage bill which led to Ljungberg's contract being cancelled and the sales of Ferdinand and McCartney.