Bradford's board of directors have claimed departed manager Stuart McCall "will always have a special place in the hearts of our fans".
McCall, who has left the club by mutual consent, made no secret of his intention to stand down after Saturday's home defeat to Bury, which left the Bantams floundering in 16th place. The 45-year-old had offered to quit last summer after failing to lead the club into the play-offs.
A club statement said: "Stuart McCall has today left his post as manager of Bradford City. The decision was felt to be in the best interests of all parties following a run of disappointing results that have left the club in 16th place in the League Two table.
"The club would like to place on record its appreciation for Stuart's efforts as manager over the past two years and seven months. During this time he has worked tirelessly and no one is more disappointed that his endeavours have not been rewarded with more success on the field than Stuart himself.
"Stuart will always have a special place in the hearts of our fans for the dedication and passion he has consistently shown to Bradford City, starting with two highly successful spells as a player with the club."
The club will now begin the search for a new manager and revealed McCall, who had 18 months left on his contract, accepted a settlement "by no means as much as he could have been entitled to".