Ernesto Valverde has left Olympiakos this afternoon after failing to come to an agreement on a new deal.
The Spaniard joined the Greek side last summer and led them to not only their 12th league title in 13 seasons, but also a triumph in the final of the Greek Cup last week.
However, an announcement from the official Olympiakos website has confirmed that he rejected the contract extension offer from the club.
According to the new offer Valverde would receive €1 million per year, while his previous contract was for €1.4 million per year.
He could reach the same amount as his previous contract only if Olympiakos succeeded in winning a place in next season's Champions League's group stage.
This season's failure to do that is believed to be the main
reason Olympiakos president Sokrates Kokkalis made such an offer.
The club will now begin their search for a new coach, with former Anorthosis Famagusta coach Temuri Ketsbaia touted as the front runner for the post.
Valverde meanwhile has been linked with a return to Spain this summer, with Atletico Madrid and Sevilla rumoured as the main clubs after him.
James Walker-Roberts, Goal.com