Hellenic Football Federation (EPO) president Giorgos Sarris and Greece manager Claudio Ranieri reportedly met on Saturday morning and agreed that the Italian will depart from the national team, with a settlement regarding his compensation, in the aftermath of Greece's humiliation by the Faroe Islands in Piraeus.

In the early hours of Saturday Sarris had declared his intention to see Ranieri go, after he had coached Greece to three defeats and one draw in four Euro 2016 qualifiers this fall.

"Following today's [i.e. Friday's] devastating result for the national team, I take full responsibility for the unfortunate choice of the manager," stated Sarris.

He added that the EPO governing board will meet "to launch all necessary changes to avoid going through another embarrassing night for the national team".

Ranieri has a two-year, 1.6-million-euro contract with EPO, but Sarris reportedly told the former Chelsea, Juventus and Monaco manager that he has to go and the Italian has agreed, slashing his compensation demands.

Reports in the Greek media and in German magazine Kicker rage over EPO having reached a preliminary agreement with another Italian coach, Giovanni Trappatoni, who last coached the Republic of Ireland up to 2013.