KENNY Jackett has resigned as Millwall manager after almost six seasons at The Den, the club confirmed on Tuesday morning.
Lions chairman John Berylson said in a statement that he tried to persuade Jackett to change his mind but that ultimately the 51-year-old's resignation was "reluctantly" accepted.
Prior to standing down, Jackett was offered a "substantially increased" player budget for next year, according to fan on the board Peter Garston.
Jackett said: "After almost six seasons I personally feel the time is right for a new challenge, and also for a new manager to come into Millwall with fresh ideas, to take the club forward.
"I would like to thank the chairman, the board of directors, players, members of staff and fans of Millwall for their considerable backing.
"I have thoroughly enjoyed my time at Millwall. My family and I will always have a strong link and affinity with the club."
Berylson added: "On behalf of the board of directors, I want to express my thanks to Kenny for his fantastic service and achievements over the past five and a half years.
"He has played a major role in creating a stable environment at Millwall which hadn't been the case prior to his arrival.
"Whilst respecting Kenny's decision, I wish I could have persuaded him to change his mind.
"He was my first acquisition as chairman of the club and has proved himself to be one of the best. I am losing a great manager, but he will remain a good friend and hopefully, golf partner.
"I know everyone associated with Millwall, management, staff, players and fans, will wish Kenny all the very best with his future endeavours, except for those times when he might oppose us.
"We are determined to move the club forward and build on the foundations Kenny has provided towards even greater success."
Owen Coyle, Karl Robinson, Gary Johnson, Sean Dyche, Darren Ferguson, Dean Saunders and Eddie Howe are amongst the bookmakers' favourites for the job.