"Rafa will forever be part of Liverpool folklore after bringing home the Champions League following the epic final in Istanbul but after a disappointing season both parties felt a fresh start would be best for all concerned," an announcement on Liverpool's official site reads.

Benitez is departing after spending six years at Anfield. Liverpool are now on the lookout for a new head coach.

"It is very sad for me to announce that I will no longer be manager of Liverpool FC. I would like to thank all of the staff and players for their efforts," Benitez said.

"I'll always keep in my heart the good times I've had here, the strong and loyal support of the fans in the tough times and the love from Liverpool.

"I have no words to thank you enough for all these years and I am very proud to say that I was your manager.

"Thank you so much once more and always remember: You'll never walk alone."