Robertson insisted he had no regrets about taking over at Hearts
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Head coach John Robertson has parted company with Hearts after rejecting a lesser role with the Edinburgh club.
The former Hearts striker spent several hours discussing his future with chief executive Phil Anderton but turned down the role of assistant head coach.
Robertson only took charge seven months ago after Craig Levein's departure.
Ex-England boss Terry Venables, former Rangers manager Dick Advocaat and Yeovil's Gary Johnson have been linked with the Scottish Premier League club.
A Hearts statement said: "Heart of Midlothian Football Club has today parted company with head coach John Robertson.
"The move followed a review of football operations by the board which resulted in John being offered the position of assistant head coach in a revised coaching structure which he felt was unsuitable.
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Everyone knows what the club means to me and it was a fantastic opportunity to come here
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"Hearts chairman George Foulkes said he was disappointed that the club and John had failed to reach an agreement.
"The club has now started the process of recruiting a new head coach."
Speculation has been mounting for weeks that Robertson's career as Hearts boss was about to come to an end.
It was eventually Robertson who urged the board - led by majority shareholder Vladimir Romanov - to clarify his future.
Six hours of talks on Friday failed to produce a vote of confidence and the club stated an announcement would not be made before Saturday's game against Rangers.
Further discussions with Anderton continued on Monday at a 'secret location' before Robertson took the decision to quit.
Robertson, who became the club's record goalscorer during an illustrious 10-year playing career at Tynecastle, insisted he had no regrets about joining Hearts.
"Everyone knows what the club means to me and it was a fantastic opportunity to come here. It hasn't left a bitter taste in my mouth," he said.
"You learn from the years that you've been in the game that nothing surprises you.
"In football things happen and a change of ownership will always lead to speculation.
"When you take a high-profile job like this, it's only a matter of time before your own position comes under speculation but you know the rules, you get on with it.
"I was happy to sign the contract and I knew about the review but I had full faith in my ability, Donald Park's ability and the players' ability to do the job.
"We've done the job, we've been to two semi-finals and we've won in Basle which no other British team has done, and we won at Celtic Park for the first time in five years.
"The players must be applauded for the way they've kept focused during the recent weeks and I'm sure they will for the remainder of the season," said Robertson.
"They have been fantastic from the moment I walked in here."
John Borthwick, secretary of the Federation of Hearts Supporters Clubs, said Robertson was never given a chance to prove his worth as manager.
"John was a legend as a player and he could have become a legend as a manager but we'll never know that," he said.
"As a manager, he was never given an opportunity and it's a shame because he might have come good.
"I'm extremely disappointed for John because he was only in charge for seven months and you need longer than that."