UPDATE, 1:25 p.m.: After Terry Francona left a meeting with Red Sox management, GM Theo Epstein released the following statement:

"John Henry, Tom Werner, Larry Lucchino, Ben Cherington and I met with Terry Francona this morning at Fenway Park to exchange thoughts and information on the 2011 season and discuss areas for improvement going forward," he said. "We all plan on taking some time to process the thoughts expressed in the meeting. There are no immediate plans for an announcement."

UPDATE, 11:56 a.m.: Terry Francona has departed Fenway Park, tweeted virtually every member of the media in Boston.

UPDATE, 10:22 a.m.: Bill Madden of the New York Daily News also reports that Francona is out in Boston, and that the decision to let him go was made by owner John Henry, not GM Theo Epstein. Henry's Mercedes pulled up to Fenway Park about an hour ago.

EARLIER:

Ken Rosenthal of Fox Sports is reporting that Terry Francona and the Boston Red Sox will part ways after eight seasons -- and one of the worst September collapses in baseball history.

DAILY PITCH: Team assesses flop

Francona, who won two World Series titles with Boston, is not expected to be fired but the Red Sox will simply decline their club options on him for 2012 and '13.

VOTE: Should Francona be out in Boston?

Among the teams that might be interested in Francona: Both the White Sox and Cubs. He worked in the White Sox farm system in the 1990s and played one season for the Cubs. White Sox manager Ozzie Guillen has taken the same job with the Marlins, but the Cubs currently don't have an opening.

GALLERY: A grim and historic night for Red Sox

Boston GM Theo Epstein said that the blame for the Red Sox collapse this season will not be laid at the manager's door.

"That would be totally irresponsible and shortsighted," Epstein said. "...I know we don't believe in scapegoats, particularly blaming Tito for what happened in September. We all failed collectively. We're all together in this; we've got to live with that. We're not pointing fingers at any one person in particular."

Thursday, Epstein and Francona assessed the Boston flop, acknowledging backward steps in terms of players' health, the clubhouse chemistry and attitude.