London - Garry Monk quit as Leeds United manager on Thursday after a promising first season in charge where they narrowly missed out on the Championship play-offs.
The 38-year-old Englishman, who impressed when he took over initially at Swansea before being sacked when they slumped in his second season in charge, had been told by new Leeds chairperson and owner Andrea Radrizzani he would have money to invest in the transfer market.
However, Monk, who only signed an initial one-year contract, rejected Radrizzani's overtures.
"We are shocked and disappointed by Garry's decision but his resignation has been reluctantly accepted by chairperson Andrea Radrizzani," read a club statement.
"Andrea made it clear to the media yesterday (Wednesday) that his intention was to exercise the club's option to extended the manager's contract for another 12 months and immediately begin negotiations for a longer-term deal.
"Mr Radrizzani has met with Garry twice since taking over at Elland Road earlier this week and during the second meeting yesterday it became clear that Garry was considering life beyond Leeds United as at no time did Garry wish to discuss terms for a longer contract."
Monk looked to have steered Leeds to the play-offs until a late-season slump saw them overhauled by Fulham and Sheffield Wednesday in the race for the Premier League, dropping them to seventh in the final Championship standings, five points off the play-offs.
The former Swansea central defender has been linked with the full-time post at relegated Premier League side Middlesbrough, although there are also vacancies at Premier League sides Watford and Crystal Palace.