Reports in Holland earlier in the day suggested the former Dutch international had resigned.

But at a press conference Koeman and the club revealed they had come to the decision together after the 44-year-old conceded he no longer had the motivation to continue.

A club statement said: "Feyenoord is saddened by the departure of Erwin Koeman, but respects his decision.

"Erwin Koeman has always shown great commitment to the club in often exceptionally difficult circumstances and has always represented the club in a highly dignified manner.

"Feyenoord is highly appreciative and thankful to Erwin Koeman for this."

The Rotterdammers' season is still not over as they will meet FC Groningen in the UEFA Cup play-offs. Koeman's assistants John Metgod and Henk Duut will take temporary charge until a full-time successor is named.

The final straw for Koeman came on Sunday when his side were thrashed 5-1 by Heerenveen.

That result saw Gertjan Verbeek's side climb above Feyenoord and into the Champions League play-off spots while the Rotterdam club had to console themselves with a seventh-placed finish and the chance to compete for a place in European football's second-tier competition.

Koeman said of Sunday's defeat: "That match was the final drop which flooded the bucket.

"It left me with the feeling that I wasn't able to motivate my players anymore at the full 100% for the play-off match against Groningen.

"It was in the pipeline already, considering the whole situation. I am proud, though, that I was allowed to be coach here."

Koeman, the brother of PSV Eindhoven boss Ronald, took over the reins when Ruud Gullit left the club in May 2005.