MANCHESTER, England -- Manager Manuel Pellegrini will leave Manchester City at the end of the season and be replaced by Pep Guardiola.

Pellegrini revealed at the end of Monday's news conference that he has agreed to part ways with the club on June 30. Manchester City confirmed that Bayern Munich coach Guardiola will take charge for the start of the 2016-17 season.

Here's the club statement in full. pic.twitter.com/1HP8TUSyky - Jonathan Smith (@jonnysmiffy) February 1, 2016

In a statement released on Monday, City said: "Manchester City can confirm that in recent weeks it has commenced and finalized contractual negotiations with Pep Guardiola to become MCFC Head Coach for the 16/17 EPL season onwards. The contract is for three years. These negotiations were a re-commencement of discussions that were curtailed in 2012.

"Out of respect for Manuel Pellegrini and the players, the club wishes to make its decision public to remove the unnecessary burden of speculation. Manuel Pellegrini, who is fully supportive of the decision to make the communication, is entirely focused on achieving his targets for the season ahead and retains the respect and commitment of all involved with the leadership of the club."