Doc Rivers and Los Angeles Clippers owner Steve Ballmer have mutually agreed the coach step down after seven seasons in charge.
Rivers' departure comes 13 days after the Clippers blew a 3-1 lead in a Western Conference second-round series against Denver Nuggets.
Denver won the final three games to advance to the finals against Los Angeles Lakers.
"Doc has been a terrific coach for the Clippers, an incredible ambassador and a pillar of strength during tumultuous times," Ballmer says. "He won a heck of a lot of games and laid a foundation for this franchise."
Several NBA squads are without a coach for next season, including Kiwi Steven Adams' Oklahoma City Thunder, who fired Bill Donovan earlier this month.
Reports have already linked Rivers to Philadelphia 76ers and New Orleans Pelicans.
"When I took this job, my goals were to make this a winning basketball programme, a free-agent destination and bring a championship to this organisation," Rivers tweets.
"While I was able to accomplish most of my goals, I won't be able to see them all through.
"Though it was a disappointing ending to our season... I know what this team is capable of accomplishing."
The Clippers were viewed as massive disappointments in the NBA playoffs, due to the collapse against the Nuggets.
The final three setbacks were ugly, as Los Angeles led by as many as 16, 19 and 12 points respectively.
The Clippers were expected to contend for the NBA title, after landing All-Star forwards Kawhi Leonard and Paul George in the summer of 2019.
But the team was reportedly dealing with chemistry issues during their postseason stay at the "bubble" near Orlando.
Veteran guard Lou Williams publicly cited the chemistry as an issue, after the Game Seven loss to the Nuggets.
The Clippers had a 49-23 regular-season record and earned the No. 2 seed in the West.
Despite the disappointing conclusion to Rivers' tenure, Ballmer has reiterated his appreciation for the outgoing coach and excitement over moving forward with a new head man.
"I am immeasurably grateful to Doc for his commitment and contributions to the Clippers and the city of Los Angeles," Ballmer says.
"I am also extremely confident in our front office and our players. We will find the right coach to lead us forward and help us reach our ultimate goals.
"We will begin the search and interview process immediately."
Rivers, who turns 59 on October 13, has a 943-681 record in 21 seasons as an NBA coach - the victories rank 11th all-time. He also won the 2008 NBA title with Boston Celtics.
Rivers compiled a 356-208 mark during the seven seasons with the Clippers, who made six playoff appearances.
Rivers began his coaching career with Orlando Magic (1999-2004), before his stints with the Celtics (2004-13) and Clippers.
Reuters
