The Dutch tactician will bid farewell to the club this Thursday after the team returns from Madrid.

After losing three of the last four games in the Spanish Primera División, Barcelona's board led by Joan Laporta has decided to put an end to Ronald Koeman's term as coach.

In a brief press release issued by the club, the club has informed that Koeman will no longer be part of the club with immediate effect, following the team's 1-0 loss to recently promoted Rayo Vallecano earlier this evening.

"FC Barcelona has relieved Ronald Koeman of his duties as first team coach. The president of the club, Joan Laporta, informed him of the decision after the defeat against Rayo Vallecano. Ronald Koeman will say goodbye to the squad on Thursday at the Ciutat Esportiva," the document states.

"FC Barcelona wishes to thank him for his service to the Club and wishes him all the best in his professional career," the statement adds.

The Dutch tactician was in charge of Los Culés' coaching duties for 67 games, winning 39, drawing 12, and losing 16. He won the Copa del Rey title with the Catalan squad last season, but failed to lead the team's efforts to win La Liga or the UEFA Champions League. He will leave the club as the only manager in its history to lose three El Clásico editions in a row during the 21st Century, among other woeful records.

The board led by Joan Laporta is expected to announce his replacement in the next few days, with Xavi Hernández being the main candidate for fans and experts.