Monaco have announced the departure of head coach Claudio Ranieri after finishing runners-up to Paris Saint-Germain in Ligue 1.
The 62-year-old Italian joined the principality club in May 2012 and secured promotion to the top flight at the first time of asking.
However, Monaco sporting director Vasim Vasilyev lost patience with Ranieri after splashing out over £100m on Portuguese midfielder Joao Moutinho and Colombian pair James Rodriguez and Radamel Falcao, as well as buying Dimitar Berbatov from Fulham in January.
Vasilyev said: "I can confirm the departure of Claudio Ranieri. We have taken the decision to part ways.
"I would like to acknowledge the very good job that Ranieri has done."
The long-term future of the former Chelsea and Valencia boss had been the subject of growing speculation, despite the fact he guided Monaco into the Champions League.
Les Rouges et Blancs finished nine points behind PSG and eight above third-placed Lille on their return to Ligue 1.
"It was a difficult decision," Vasilyev added. "It's never easy when the results are good.
"But we believe that at this stage of the project we need to find a new dynamic."
Reports in France suggest Leonardo Jardim - the Sporting Lisbon manager - is poised to replace Ranieri at the Stade Louis II on a two-year contract, but Vasilyev could not name the Portuguese on Tuesday afternoon.
Vasilyev added: "I cannot confirm the name of the new coach while the details are still being sorted.
"We are looking for a coach who has an attacking philosophy and who can create a good show for our supporters."