Arsene Wenger will leave Arsenal at the end of the season after 22 years as manager.
The Frenchman, whose contract had another year to run, issued a statement on Friday morning announcing his departure.
The statement read: “After careful consideration and following discussions with the club, I feel it is the right time for me to step down at the end of the season.
“I am grateful for having had the privilege to serve the club for so many memorable years. I managed the club with full commitment and integrity.
“I want to thank the staff, the players, the directors and the fans who make this club so special. I urge our fans to stand behind the team to finish on a high.
“To all the Arsenal lovers take care of the values of the club. My love and support forever.”
Arsenal say they will appoint a successor as soon as possible.
Wenger, 68, has won three Premier League titles and seven FA Cups, including the Double in 1998 and 2002.
But he has faced growing opposition from fans in recent years, with many calling for him to be replaced.
Arsenal are currently sixth in the table and are set to miss out on the Champions League for the second season running.