Charlton manager Alan Curbishley will leave his post at the end of the season after 15 years in charge at the club.
Plc chairman Richard Murray made the announcement to supporters before the 2-0 defeat to Blackburn at The Valley.
The 48-year-old was interviewed by the Football Association recently as they searched for a new England coach.
But Curbishley said: "This has nothing to do with that. It's a time of mixed emotions, but it is the right time for me and right for the club."
He added: "I have had 15 fantastic years, but I wasn't going to extend my contract after my last year. Richard wanted people committed to the club and felt one year wasn't enough commitment.
"We sorted it out on Friday night and both myself and Richard are happy with it. I have done 15 years and wanted a break. I want to freshen up and not do anything for a little while.
"It is all about me and Charlton. I want the best for them and this is the right decision."
Curbishley - who was appointed joint manager with Steve Gritt in 1991 and took over in sole charge in 1995 - had a year left on his current contract.
ALAN CURBISHLEY
Murray told Charlton fans before the game: "I sat down with Alan on Friday to discuss our plans for the future, and Alan was as honest as he has always been throughout his time at Charlton and told me he would not be extending his current contract.
"We enjoy a fantastic relationship and Alan only wants to do his best for Charlton, for whom he has a deep affection.
"We both agreed that it would therefore be in the interests of the club and Alan if we parted company at the end of the current season."
Curbishley was close to tears as he also spoke to fans at the end of the game.
Murray added: "Fifteen years ago we started on a journey which saw us return here to The Valley in 1992 and then embark on a period of sustained progress and success on and off the field.
"Throughout the entire period Alan Curbishley has been the manager of this great club.
"He has given us memories that will live with us all forever.
"Promotion to the Premiership in 1998 followed the most dramatic play-off final ever to take place at Wembley Stadium - 4-4 against Sunderland and 7-6 winners on penalties.
"In 2000 we won the First Division Championship in spectacular style.
"Next season we will start our seventh successive season in the Premiership - the best league in the world. Alan has masterminded all this success and deserves our total admiration."