Ally McCoist's time as Rangers manager appears to be up after the club told the Stock Exchange he had resigned.
Three days after reports first surfaced that McCoist had offered his resignation, a statement on Monday morning confirmed he had tendered it.
A 12-month notice period has now been triggered, with the club saying they will now hold talks with their record scorer.
In the meantime, the 52-year-old's wage, according to the statement, is increased to £750,000 per year.
The statement read: "The company announces that Alastair McCoist, manager of the first team squad, has resigned. His service contract dated December 28, 2010, which was subsequently amended, has a 12-month notice period ("Notice Period").
"The directors will hold discussions with Mr McCoist to seek an amicable solution in the best interests of the company, and expect to be in a position to make a further announcement before the end of the week. During the notice period, Mr McCoist's salary will increase significantly to GBP750,000 per annum."
McCoist led Rangers in their defeat at Queen of the South on Friday night immediately after the initial reports surfaced, but refused to talk about his future in the wake of it.
"I have absolutely no comment on rumours," he said.
"I can't have any bearing on speculation. I will deal with cold, hard facts. I think you know me well enough that I will give you an opinion on that. But I can't comment on speculation."
But when he was asked if he believed he would still be the Light Blues boss next season, McCoist - who was famously quoted saying he ''did not do walking away'' - said: ''Absolutely. I'm the Rangers manager and that will hopefully be the case for the foreseeable future.
''I told the (players before the match) I was the Rangers manager and I would continue to be the Rangers manager."
Sources have claimed that McCoist's resignation offer - which could cost the club up to £1.4million in severance payments - was knocked back by the Light Blues' cash-strapped board.
Reports in recent weeks have also claimed football board chairman Sandy Easdale and his brother James, a PLC director, have been behind attempts to axe the manager.
Both were at Palmerston to watch McCoist's side lose for the third time in the Scottish Championship this season.
The club reported £8.3million losses last month and need to raise a similar amount before the end of the financial year if they are to stay afloat.
Billionaire Newcastle owner Mike Ashley - who holds a nine per cent stake in the Ibrox club - could yet have the final say on whether McCoist keeps his job.
McCoist took over at Rangers in 2011 and has been at the helm throughout their financial meltdown and subsequent attempts to return to the top - a bid which has stalled this season with Hearts running away with the Championship title.
McCoist arrived at the club's Murray Park training ground shortly before 9am and was later spotted putting his players though their paces.