Claudio Ranieri is leaving Monaco after two years as coach, the French Ligue 1 club's vice-president Vadim Vasilyev said on Tuesday.
Ranieri, who was appointed in 2012 when Monaco were in Ligue 2, steered the principality club to second place in Ligue 1 this season.
"I confirm that Claudio Ranieri is leaving soon. We decided to break up. I would like to pay tribute to Claudio Ranieri, who did a good job," Vasilyev told a news conference.
"It is never easy to take a club from Ligue 2 to the Champions League. But we believe that at this stage we need a new dynamic."
Vasilyev added he could not confirm the identity of the next coach as there were "some details to be sorted".
Sporting Lisbon coach Leonardo Jardim has been widely tipped to be Ranieri's replacement.
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