Clyde are seeking a new manager after Joe Miller turned down an offer that would have made him the highest paid boss in the club's history.
Clyde expected Joe Miller to sign a contract last week
The club last week announced that Miller was poised to sign a two-year contract at Broadwood.
But negotiations stalled and Clyde said the split was amicable.
"The club can confirm that Joe has declined to accept the offer of employment as manager of Clyde," a statement on the club website said.
"The board of directors would like to give their thanks to Joe for his excellent work and effort over the last two years.
Already my phone is buzzing with the interest in the post
Clyde director John Ruddy
"Clyde FC recognises the legacy that Joe's work will leave and wish him every success in the future."
Miller had been on the shortlist for the vacancy with First Division rivals.
But Hibernian coach Mark Proctor was unveiled this week by the Almondvale outfit after being chosen ahead of the former Celtic and Aberdeen forward.
Former assistant Miller took control at the start of the season following the departure of Graeme Roberts after an internal row over a club tour.
That led to an industrial tribunal this month.
Clyde director John Ruddy said the club were committed to finding a replacement as quickly as possible.
"Without doubt the successful candidate will be a person with an aptitude to working with younger players and coaching them to achieve their potential," Ruddy told the club website.
"Already my phone is buzzing with the interest in the post. So it is going to be an interesting time."