Claudio Ranieri has left French Ligue 1 runners-up Monaco after two years as head coach.
The ex-Chelsea manager led the club to the Ligue 2 title in his first season and they finished nine points behind champions Paris St-Germain this year.
Club vice-president Vadim Vasilyev said the Italian had done "a very good job".
Monaco are owned by Russian billionaire Dmitry Rybolovlev, who bought the club in December 2011.
"It was a difficult decision, it's never easy when the results are good," Vasilyev continued. "But we believe that at this stage of the project we need to find a new dynamic."