The FAI have confirmed the departure of Giovanni Trapattoni from the Republic of Ireland job.
It follows the Republic of Ireland's disappointing World Cup qualifying campaign which saw them lose 2-1 to Sweden at the Aviva on Friday and 1-0 to Austria in Vienna last night.
In a statement, the FAI said that the association, Trapattoni and Marco Tardelli "parted company by mutual consent" after an "amicable meeting".
After the meeting, Trapattoni said: "I want to thank everyone in Ireland who has given us their support during our time here which has always meant a lot to us.
"We leave this country with emotion because we understand the Irish supporters who have a well-deserved international reputation and they have our utmost respect."
"I would like to thank John Delaney, Paddy Mc Caul, Michael Cody and the FAI Board for their support and friendship over the last five and a half years.
"I would also want to thank all FAI staff members, including the backroom team and the players who have been great to work with during the last three campaigns. I wish them well in the future and hope that the job we have done leaves everything in a good place for my successor to take over."
FAI Chief Executive John Delaney said: "We thank Giovanni Trapattoni, Marco Tardelli and Franco Rossi for the last five and a half years during which we qualified for our first major tournament in ten years and were close to qualification for 2010 World Cup in South Africa after the play-off in France.
"This particular World Cup campaign has been disappointing but Giovanni leaves us with a group of good young players which should form the basis of the squad that the new manager will use for the European Championships in France 2016 when 24 teams qualify."
The FAI said their Board will meet in due course to discuss the process of appointing a new manager.
Paddy Power have installed Martin O’Neill as the clear favourite to replace Trapattoni.
The former Celtic manager is as short as 4/5 to take the reins of the Irish side and is followed in the betting by Leeds manager Brian McDermott at 7/1 while former Ireland manager Mick McCarthy and Anzhi Makhachkala supremo René Muelensteen are also amongst the frontrunners at 10/1.
Elsewhere, Roy Keane is available at 14/1 with Chris Hughton and Liam Brady available at 16/1 and 25/1 respectively.
Next Ireland Manager
4/5 Martin O’Neill
7/1 Brian McDermott
10/1 Mick McCarthy
10/1 René Muelensteen
14/1 Roy Keane
16/1 Chris Hughton
22/1 Harry Redknapp
25/1 Liam Brady
25/1 Marco Tardelli
25/1 Martin Jol
25/1 Paul Jewell
25/1 Kenny Dalglish
25/1 Pat Fenlon
25/1 Owen Coyle