Rafael Benitez has left Liverpool by mutual consent.
Benitez, who took over from Gerard Houllier in 2004, found his position untenable after a disappointing season which saw Liverpool finish seventh in the Premier League, just 12 months after being runners-up to Manchester United.
After a poor start to the campaign, which included an exit from the Champions League in the group stage, Benitez guaranteed he would qualify for the competition in 2010-11. But Benitez failed to deliver on that guarantee and only booked a place in the Europa League due to Portsmouth's perilous financial state, with Liverpool losing 19 matches in all competitions.
Failure to qualify for Europe's elite competition has ramifications for Liverpool's own finances, leading to speculation that star names such as Steven Gerrard and Fernando Torres could be sold off to balance the books.
News of the 50-year-old's impending exit broke on Wednesday evening with talks underway to agree a compensation package. It is thought Benitez will receive a £6 million pay-off.
The Liverpool board feels that the club needs a new direction to stand any chance of finishing in the top four next season.
Benitez, who won the Champions League with Liverpool in 2005 and also reached the final 2007, is now the favourite to take over at Inter Milan following Jose Mourinho's exit for Real Madrid and Fabio Capello's decision to stay with England.
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