Pioli was widely expected to leave the club after a mixed campaign which saw them finish second in Serie A but fail to challenge rivals Inter for the title and go out in the group stage of the Champions League, before suffering disappointing exits in the Coppa Italia and Europa League. 

"AC Milan extends heartfelt thanks to Stefano Pioli and his entire staff for leading the First Team over the past five years, securing an unforgettable League title and re-establishing AC Milan's consistent presence in the top European competition," an official statement said.

"Stefano's professionalism and human touch have significantly contributed to the growth of the squad, embodying the Club's core values from day one."

Pioli became a Rossoneri hero when he led them to their first league title in 11 years back in 2022, but he then struggled to build on that success. 

The club were unable to put together another title challenge under his leadership, and while they did reach the Champions League semi-finals last season, they were then soundly beaten by Inter. 

There's been little else in the way of cup success, leading fans to call for change despite a comfortable second-place finish in the league this campaign. 

"Stefano Pioli expresses his gratitude to AC Milan for the opportunity to be part of the history of this glorious Club," said the announcement on the club website.

"He is deeply thankful to the ownership, management, team, staff, and everyone at Milanello and Casa Milan for their support and outstanding commitment. He also extends a special thanks to the many fans who have passionately supported AC Milan over the years, demonstrating unwavering dedication."

Lille manager Paulo Fonseca, who previously managed Roma, is the favourite to take over with a deal reportedly almost reached.