Roberto Mancini has been sacked as manager of Manchester City following their FA Cup final defeat to Wigan Athletic on Saturday.
Mancini had been in charge at the club since taking over from Mark Hughes in 2009, winning an FA Cup in his first full season and ending the club's 44-year wait for a Premier League trophy last year.
However, the club's board have decided that Mancini failed to secure any of their targets for the 2012-13 campaign and have subsequently sacked the 48-year-old.
"It is with regret that Manchester City Football Club announces that Roberto Mancini has been relieved of his duties as Manchester City Manager," read a statement on the club's official website.
"This has been a difficult decision for the owner, Chairman and Board to make and it is the outcome of a planned end of season review process that has been brought forward in light of recent speculation and out of respect for Roberto and his extensive contributions to the football club.
"Despite everyone's best efforts, the club has failed to achieve any of its stated targets this year, with the exception of qualification for next season's UEFA Champions League. This, combined with an identified need to develop a holistic approach to all aspects of football at the club, has meant that the decision has been taken to find a new manager for the 2013-14 season and beyond."
Mancini's future at the club had come under intense speculation after reports surfaced suggesting that Malaga coach Manuel Pellegrini has already agreed to take over from the Italian at the end of the season.
Mancini criticised the club's handling of the story following Saturday's FA Cup final, although Pellegrini has insisted that no deal is in place.
Assistant manager Brian Kidd will take charge of the side for the final two games of the season, starting with their match against Reading tomorrow night.
Barney Corkhill
