The Denver Broncos and coach John Fox have mutually agreed to part ways.

"I had a productive visit with John Elway this afternoon in which we were both very honest about our time together and how to best move forward," Fox said in a statement Monday. "After this discussion, John and I mutually agreed that the timing was right for this decision."

The decision was made just hours after Fox had met with the Broncos players to cover the end-of-the-season business.

Following that meeting, cornerback Chris Harris Jr. said Fox told the players that "he just appreciated everybody's efforts, he loved us and everybody just be smart in the offseason and make sure you take care of your body to be ready to come back ready to roll when OTAs start."

Twice As Nice or Double Trouble? John Fox is one of only six coaches to lead two different teams to the Super Bowl; however, he and Dan Reeves are the only ones on the list to go winless. Teams W-L Don Shula Colts, Dolphins 2-4 Dan Reeves Broncos, Falcons 0-4 Bill Parcells Giants, Pats 2-1 Mike Holmgren Packers, Seahawks 1-2 John Fox Panthers, Broncos 0-2 Dick Vermeil Eagles, Rams 1-1 -- ESPN Stats & Information

The move comes a day after the Broncos were eliminated from the playoffs by the Indianapolis Colts, and a year after the team's first appearance in a Super Bowl since Elway, now the team's general manager, retired as quarterback.

It was ultimately the team's playoff record -- 3-4, with two one-and-done exits, including Sunday's 23-14 home loss to the Colts -- that were difficult to digest for many with the team.

"While we have made significant progress under Coach Fox, there is still work to be done," Elway said in a statement. "I believe this change at the head coaching position will be in the best interest of our long-term goal, which from day one has been to win World Championships."

The Broncos told Fox's assistants that they are now free to look for other jobs, but Denver still holds their contractual rights.

The team plans to launch a wide search to find its next coach, and is interested in interviewing Seahawks defensive coordinator Dan Quinn. A source also told ESPN NFL Insider Adam Schefter that the Broncos will seek permission to interview Ravens offensive coordinator Gary Kubiak, who played and coached in Denver but has said he'd stay in Baltimore.

The separation ends Fox's four-year tenure with the Broncos that saw the coach miss part of last season as he recovered from a heart procedure. He led them to the AFC West title in each season.