Evans, appointed by Megson shortly after his arrival at the Reebok Stadium in October 2007, at least managed to steer Bolton into the last 32 of the FA Cup with a 4-0 third-round win over Lincoln.
But despite being given the opportunity to work with Coyle, Evans has felt it in his best interests to part company with Bolton.
"Having been invited by Owen to discuss the possibility of a role in his newly-formed management team, I felt with due consideration that Owen, Bolton Wanderers and myself should start afresh," said Evans on Bolton's official website.
"I wish to place on record my sincere gratitude to the players and staff for the support I have been given over the past three seasons.
"I am particularly grateful to the chairman Phil Gartside, chief executive Allan Duckworth and Eddie Davies for their backing throughout.
"Gary Megson gave me a tremendous opportunity in becoming his assistant and to be part of this club, and I thank him wholeheartedly for that.
"I enjoyed every single moment here and I wish Owen, his management team and all at Bolton Wanderers continued success in the future."
Naturally, Gartside expressed his gratitude to Evans for his time at the club.
"Chris was 100 per cent committed to the cause of Bolton Wanderers and I want to place on record our thanks and great appreciation for all his efforts during his time at the football club," said Gartside.
Steve Wigley and Alan Cork, appointed in the summer of 2008 by Megson as head coach and assistant head coach respectively, have been relieved of