Darren Ferguson has resigned as Peterborough manager after three years in charge.
The 50-year-old spoke to Posh chairman Darragh MacAnthony on the phone on Sunday to announce his plan to quit.
MacAnthony and his two partners at Peterborough accepted Ferguson's request.
Ferguson, the son of legendary Manchester United manager Sir Alex, steered Peterborough to automatic promotion from League One last season.
But Posh have been struggling in this campaign and are second-bottom in the Championship.
MacAnthony said: "Myself and my two partners regard Darren as one of the greatest managers of this football club, most certainly in the modern era.
"The success we have enjoyed with him at the helm has been unrivalled and he will always be described as a legend by myself and my partners.
"I want to personally thank him for all his hard work on behalf of the club, particularly in his third spell when he dealt with the unquestionable frustration at the season being cut short due to Covid-19 and then responding by securing promotion the following season against all the odds.
"The financial constraints he had to work under due to the impact of no supporters inside the stadium was something that nobody could have foreseen, and he dealt with that in such an admirable and methodical way. He created a working environment that the players enjoyed despite the restrictions and he deserves enormous credit for that and the success we enjoyed."
