His team lost 1-2 to Iceland at Allianz Riviera stadium in Nice following two first half goals comeback that cancelled Wayne Rooney’s 4th minute penalty strike.
The Icelandic team will face tournament host France in next round.
‘Now is the time for someone else to oversee the progress of a hungry and extremely talented group of players. They have done fantastically, and done everything asked of them.’
The 68-year-old has managed Inter Milan, Liverpool, Blackburn Rovers, Fulham, West Bromwich Albion, Switzerland’s and Finland’s national teams in the past.
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