Inter have announced the departure of head coach Roberto Mancini by "mutual agreement" amid reports of a fallout with the club hierarchy.
The 51-year-old returned for a second spell as manager at San Siro in November 2014, but has been unable to steer the club back to the Champions League.
The only full season of Mancini's latest spell ended with Inter finishing fourth in Serie A, even though they had sat top as late as January.
The club released a statement on Monday that read: "F.C. Internazionale Milano confirms that it has parted company with head coach Roberto Mancini by mutual agreement.
"Inter would like to place on record its thanks to Roberto for the work carried out with the team since joining in November 2014.
"Last season the club led Serie A until the Christmas break, ending the season in fourth place and qualifying for the UEFA Europa League.
"We thank Roberto for the work and commitment he has shown the club over the past 20 months."
Speculation regarding Mancini's future intensified against a backdrop of Inter enduring a poor pre-season, winning only one of seven matches and being thrashed 6-1 by Tottenham last Friday.
The new Serie A campaign gets under way on August 21 when Inter travel to Chievo, with former Ajax boss Frank de Boer reported to be the club's top choice as replacement.
Inter were subject of a takeover in June, when Suning Holdings purchased a majority stake of the club from president Erick Thohir's consortium and the Moratti family.
