Mega-rich French club AS Monaco have announced in a statement released this afternoon that manager Claudio Ranieri will not be in charge at the club next season after two years in charge.

Ranieri led the Ligue 1 club to a second place finish behind Paris St. Germain and as a result qualified for next season’s UEFA Champions League in Monaco’s first season back from Ligue 2.

But vice-president of Monaco, Vadim Vasiliev stated the club needed a new direction, saying ”I want to thank Claudio, who has done a superb job. I respect the man, but I felt we needed a new dynamic at this stage.”

Ranieri previously led Chelsea to the semi-final of the Champions League in 2004, AS Roma to second place in Serie A and the Coppa Italia final in 2010 as well as won the European Super Cup with Valencia in 2004.

The 61 year old Italian has also previously managed Juventus, Inter Milan, Parma and Fiorentina.

Sporting Lisbon manager Leonardo Jardim is reportedly being lined up as Ranieri’s replacement.