Greece coach Claudio Ranieri stepped down Saturday after a series of defeats in the Euro 2016 qualifiers over the past two months.
The announcement on the "amicable divorce" was made by the Greek Football Federation following a meeting between the Italian coach and the federation's chief Yorgos Sarris, Xinhua reported.
Greece on Friday night lost 0-1 to Faeroes Islands in Athens. The result left the Greeks at the bottom of Group F.
Sarris, as well as other Football Federation officials, players, fans and the media talked about the "humiliating loss" for the team which a decade ago had won the Euro championship and in summer this year had made it to the Round of 16 of the FIFA World Cup in Brazil in the best performance in their history.
Ranieri had signed a 1.6 million euro worth contract in July to coach the Greeks for the next two years, replacing Portugal's Fernando Santos.
According to the Greek Football Federation, the two sides agreed on the immediate termination of their cooperation in exchange of a small compensation.
Ranieri will remain at his post for a friendly match against Serbia Tuesday, while the Federation is already looking for his successor.