AFC Bournemouth can confirm that Eddie Howe has left the club by mutual consent.
The 42-year-old, who has managed the Cherries in more than 450 games across two spells at Vitality Stadium spanning more than a decade, made the decision together with club officials on Saturday.
Howe, who also made more than 300 appearances as a player in the famous red and black stripes, has penned an open letter to supporters, which can be read here.
In it, he says: “Having spent a total of 25 years with the club as both a player and a manager this decision - made together with the club - is one of the hardest I’ve ever had to make.
“However, although the affection and love I have for this football club will always remain, we collectively feel that now is the right time for the club to go in a new direction.
“Bournemouth will always be in my heart, but I firmly believe that now is the right time for the club to have a change.
“I have always ensured that every decision I have ever made as manager has been in the best interests of the club and its supporters, and this is no different.”
Howe was initially appointed AFC Bournemouth caretaker manager in December 2008, with the club sitting on -17 points at the bottom of the Football League.
Against all the odds he secured their safety and followed it with promotion from League Two the following season.
After a brief spell in charge of Burnley, a masterstroke from owner Maxim Demin bought Howe back to Dorset and he then proceeded to achieve two further promotions in three seasons, leading the Cherries to the Premier League, where they remained for five years.
AFC Bournemouth chief executive, Neill Blake, said: “Eddie Howe is synonymous with this football club, both as a player and a manager, and that will never change.
“He is quite simply an AFC Bournemouth legend, having helped transform the identity and history of the club.
“Myself, our owner Maxim Demin and the board’s gratitude and appreciation for Eddie’s achievements cannot and will never be underestimated.
“A decision like this cannot be taken lightly, which is why this has been discussed together at length over the past few days. It is even harder given our close personal friendship.
“We wish Eddie well for whatever the future holds and hope he enjoys some much-deserved and well-earned time with his family.”