Thomas Tuchel will leave Bayern Munich at the end of the season.
Bayern are eight points behind Bundesliga leaders Bayer Leverkusen as they look set to miss out on the title for the first time in more than a decade.
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The club confirmed the news on Wednesday morning shortly after it had leaked.
Commenting on the decision, Tuchel said: "We have agreed that we will end our working relationship at the end of this season.
"Until then, I will of course continue to do everything I can with my coaching staff to achieve maximum success."
FC Bayern CEO Jan-Christian Dreesen said: "In a good, open discussion, we came to the decision to end our working relationship by mutual agreement in the summer.
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"Our goal is to pursue a new footballing direction with a new head coach for the 2024 /25 season. Until then, every individual at the club is expressly called upon to achieve the maximum possible in the Champions League and Bundesliga.
"I also explicitly hold the team accountable in this regard. In the Champions League in particular, after losing 1- 0 in the first leg at Lazio, we are convinced we will reach the quarter-finals at a packed Allianz Arena with our fans behind us."
Among their top targets to replace Tuchel is Leverkusen boss Xabi Alonso, who is also wanted by Liverpool.
talkSPORT reported on Tuesday that the former Chelsea boss is an outside contender to replace David Moyes in West Ham.
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Tuchel was initially appointed in March, replacing Julian Nagelsmann, and steered them to an 11th straight Bundesliga title.
That included a dramatic final day where they overhauled Borussia Dortmund to win it.
Things have not gone well this season, however, despite signing Harry Kane from Tottenham.
Simon Jordan slates suggestions that Bayern Munich want 'court jester' Ole Gunnar Solskjaer to replace Thomas Tuchel as manager
Kane himself has been firing, scoring 29 goals in 30 games, but they lost the German Super Cup and went out of the cup to a third-tier side.
Bayern are also on a dreadful run of form having lost their last three games in all competitions.
A 3-0 defeat against league leaders Bayer Leverkusen was then followed up with a 1-0 loss against Lazio in the Champions League, before a 3-2 humbling at the hands of Bochum.
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They face the prospect of a trophyless season and expect a change in the manager.
Speaking to talkSPORT, European football expert Kevin Hatchard said: “It has been widely reported in Germany that Thomas Tuchel will leave Germany at the end of the season.
“That’s not a massive surprise when you think of the form, they’ve lost three in a row.
“It’s the first time in nine years they were hammered in the top of the table clash against Bayer Leverkusen 3-0.
“They went to Rome and lost to Lazio 1-0, had some decent chances in the first half, but fell away badly in the second half.
“When they went to Bochum on the weekend it started well, scored an early goal and had Harry Kane had a chance to make it 2-0 but missed it. They then fell apart and ended up losing 3-2.
“Lots of people thought he would go then, but there’s been a lack of clarity and lack of agreement about what to do, whether to bring in a caretaker.”
Next Permanent Bayern Munich Manager - Outright
Xabi Alonso - 5/2
Jose Mourinho - 4/1
Jurgen Klopp - 4/1
Zinedine Zidane - 6/1
Antonio Conte - 8/1
Odds Correct as of 21/2/2024
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