Town have confirmed that manager Mick McCarthy and his assistant Terry Connor will be leaving Portman Road at the end of the season.
McCarthy met owner Marcus Evans on Wednesday night and, according to a statement on the club website, "decided the move was in the best interest of all parties”.
The former Ireland boss, who took over at Portman Road in November 2012, and Connor will stay in charge for the remainder of the season. The duo's contract is up in the summer.
"Mick and I had a discussion and we both agreed that this was the best way forward for him and for Ipswich Town,” Evans told the club website.
"It never got to the point where we actually talked about a new contract. It just felt right that it was time for us both to look at different options. "Mick has been a fantastic manager for this football club, ably supported by Terry who has also been invaluable in the development of the team.
"When Mick arrived, we looked to be on the way to relegation. He saved us from that and then took us to the play-offs within two years.
"In his six years here he has made us a very competitive club in what is a very competitive league. No one looks forward to playing Ipswich.
🗣"I went and spoke to Marcus and after having that chat we both decided that it's probably best if we go our separate ways."
Mick McCarthy to depart the Club at the end of his contract pic.twitter.com/nnwthDmKk7— Ipswich Town FC (@Official_ITFC) March 29, 2018
"He has also been instrumental in developing our youth policy and has overseen the progress of a number of our young players from the academy into the first-team and nurtured their development in line with the club’s strategy.
"He’s immensely popular with all the staff at Portman Road and has built a strong backroom team who will provide important continuity as we move into a new era.
"On a personal note, I have enjoyed an excellent working relationship with him which is vital between owner and manager at any football club.
"Mick will see out his contract here and then we will look to make an announcement regarding his successor in due course.
"In the meantime, I want to put on record my sincere thanks to Mick for the job he has done here as our manager and urge supporters to get behind him and the players so that we can finish the season as strongly as possible.”
McCarthy added: "I had a good discussion with Marcus and we feel this is the right thing to do for me and for Ipswich Town.
"I have loved my time here and I am proud of what I have achieved over the last six years - and the relationship I have enjoyed with the players and all the staff at the club in that time.
"I won’t be leaving with any regrets. I have given everything for Ipswich Town and I will see out my contract in the same way.”