Collingwood and long-time coach Nathan Buckley will cut ties on Monday, following the club's worst start to an AFL season since 1999.
The Pies have won just three of their first 12 games and sit third-last on the ladder at the mid-point of the season, only ahead of the rebuilding Hawks and Kangaroos.
Buckley, who is currently in his 10th season as coach of Collingwood, informed the club's football department and playing group on Wednesday morning, before making an official announcement soon after. He remained coy when speaking to the media on whether the decision to step down was his or the club's.
Monday's Queen's birthday game against ladder-leaders Melbourne at the SCG will be his final outing as head coach, bringing down the curtain on his near three-decade affiliation with Collingwood.
CONNOLLY: THE TIME IS RIGHT FOR BUCKLEY TO DEPART
"The overwhelming message I had was one of gratitude," Buckley said on Wednesday morning. "The discussions have been open and we haven't performed the way we would have liked [this season].
"Every person has their time and I'm really content with the decision which has been reached. There was an appetite to change and I could sense that. It's best for the footy club."
The announcement comes amid an off-field battle for control of the embattled club, with former Nine Network managing director Jeff Browne leading a challenge to the incumbent board. Earlier this year, high profile club president Eddie McGuire stepped down from his post.
It ends months of speculation about Buckley's future at Collingwood, though there is no clear coaching successor. Assistant coaches Brenton Sanderson, Robert Harvey, Hayden Skipworth and Damian Carroll are all in the mix to land the top job, with Harvey expected to take temporary control of the Pies for the remainder of 2021.
Buckley, who was due to come out of contract at the end of this season, also spoke about his inability to land a premiership as a coach. The club came close in 2018 when it lost to West Coast in a thrilling Grand Final, before reaching another preliminary final in 2019.
"My coaching career mirrored my playing career," Buckley said. "To not win a premiership, I'm disappointed, but barring a kick here or there I wouldn't change much. I sit here tremendously content with how I went about it.
"I've loved every moment of my time at the club and in any role I have given my all to it. This program is full of so many great people who are committed and connected to one another absolutely.
"I'll miss being a part of that but will always feel like a part of me is left with them. I sincerely wish all of the staff, coaches and players every success."