Guus Hiddink has stepped down as Turkey coach after his side failed to qualify for the Euro 2012 finals.
The Turkish football federation says it has reached a mutual agreement to end the former Chelsea manager's contract, which was due to expire next summer.
Turkey lost 3-0 on aggregate to Croatia after a 0-0 draw in the second leg of the play-offs on Tuesday.
Hiddink, 65, took on his fifth national team role in August 2010 and oversaw Turkey's second-placed Group A finish.
Hiddink had previously led the Netherlands, South Korea, Australia and Russia, plus club sides including PSV Eindhoven, Real Madrid and Chelsea.
A statement on the official TFF website read: "We would like to thank Mr Guus Hiddink for his services during his working period, and wish him all the best in his future career."
In his post-match interview on Tuesday he said that he expected to end his association with Turkey, saying: "I worked for the future of Turkey but I think this is my last match with this team - there is a high probability of that."
Hiddink, who boasts one of football's most impressive managerial CVs, is certain to be in high demand and the likes of Paris Saint-Germain in France and Russian Premier League side Anzhi Makhachkala have been linked with his services.
HIDDINK'S CLUB HONOURS
PSV Eindhoven: Champions League (1988), six Eredivisie championships (1986-89, 2002/03 & 04-06), four Dutch Cups (1988-90 & 2005)
Real Madrid: Intercontinental Cup (1998)
Chelsea: FA Cup (2009)
