Galataray have confirmed that Roberto Mancini has left the club by mutual consent, eight months after his appointment.
The Italian, 49, led the Istanbul club to a second-place finish behind champions Fenerbahce in the Turkish Super Lig and won the Turkish Cup in his first season in charge.
“Our relationship with the coach Roberto Mancini and his contract of employment, which was signed on 1 October, 2013, has been terminated by mutual agreement,” Galatasaray said.
“We wholeheartedly thank him for his success and achievements and wish him happiness in his next mission.”
Media speculations have linked the former Manchester City boss with a move back to the Serie A, as a prospective replacement for Edy Reja at his former club Lazio.
Lazio finished eighth in the Italian championship last season.
“It is with sadness that I leave Istanbul and the club’s fantastic supporters,” Mancini is quoted as saying on Gazzetta dello Sport.
Mancini won three successive Italian league titles during his time with Inter Milan from 2004 to 2008.
He guided Manchester City to their first Premier League title in 44 years in the 2011-12 season, before being sacked last summer.