AS Monaco manager Claudio Ranieri steps down

AS Monaco will have a new manager next season, as Claudio Ranieri has stepped down with one year remaining on his contract.

Club vice president Vadim Vasilyev announced Tuesday that the two sides have "decided to separate."

The 62-year-old Italian led his team to a second place finish in Ligue 1 this season - their first following promotion from the second division - but was unable to overcome fellow free-spenders Paris Saint-Germain, who ultimately walked away with their second consecutive league crown.

Rumors have been circulating for some time now that this move would come to pass at the conclusion of the season, with Portuguese bench boss Leonardo Jardim being touted as a potential replacement.