Glover replaced Lee Sinnott as manager after a poor start to the Valiants' first season in League Two, following their relegation in 2008.
But he has been unable to improve the Burslem club's fortunes on the pitch, and they could end the season in the bottom four of the table if they lose at Underhill on Saturday.
Season ticket sales for 2009/10 have slowed down amid demonstrations by Vale supporters regarding Glover's position.
The Valiants are still hoping to conclude a deal with property developers and club sponsors Harlequin, who are believed to want to pour around £500,000 into the club.
However, they are likely to want a say in the everyday running of the club because of their sizeable investment.
Vale captain Sam Stockley was shocked by the timing of the announcement, before the final game of the season.
He told BBC Radio Stoke: "We're so close to the end of the season, so for a story to break like that and for Dean to have to come in and tell the players that he will be leaving is a huge surprise.
"The dust hasn't settled on the current manager, so it would be unfair to comment on who should take over.
"But I'm sure the board have got their ideas and I think it's best left with them."
Goalkeeper Joe Anyon, who was named as the club's player of the year, believes that the club needs an experienced manager to help bring success.
"We need someone who's been around the block a bit, and someone who can take the club forwards rather than backwards," said Anyon.
"It is a surprise, and it isn't a surprise. There's been speculation for a while now, and it's come to an end. Unfortunately it won't be Dean who will take the lads on."
Bookmark with:
What are these?