The Toronto Blue Jays confirmed Alex Anthopoulos is stepping down as general manager, hours after initial reports broke Thursday morning.

Outgoing Blue Jays president and CEO Paul Beeston released the following statement:

After an exciting 2015 season, Alex Anthopoulos has reluctantly and regrettably decided that he is not going to return to the Toronto Blue Jays Baseball Club for 2016. Alex has done an unbelievable job and positioned us well for the future. He can take great pride in his past and while we do not know where his future is taking him, we do know wherever he is going, he will be successful. On behalf of all the employees of the Toronto Blue Jays, players, front office, scouts and player development staff we wish him good luck in the future and thank him for a job extremely well done.

Blue Jays chairman Edward Rogers also released a statement, which revealed Anthopoulos was offered a five-year contract to remain with the club:

Alex has done a terrific job as GM of the Blue Jays over the past six seasons, and we would have loved it if he stayed with the club. Like the fans, we too are disappointed he has chosen not to accept our five-year contract offer, but we wish him the very best. Alex leaves behind an outstanding front office team and coaching staff that played a key role in shaping the team's great run this season. They will continue to operate in leadership roles next year as we look to build upon the team's success. We remain committed to putting a winning team on the field and look forward to many more exciting seasons for the Blue Jays.

Anthopoulos' contract was set to expire Monday, the same day Mark Shapiro will be sworn in as the new president and CEO of the team.

Related: Shapiro 'scolded' Anthopoulos for trading top prospects

The Blue Jays became legitimate World Series contenders for the first time since 1993 after Anthopoulos made a flurry of roster moves to bolster the club for a deep playoff run. He's responsible for the additions of superstar talents such as Josh Donaldson, Troy Tulowitzki, and David Price, among others.

Anthopoulos can also largely be credited for developing the team's young core. Players drafted or signed as international free agents by the GM include Marcus Stroman, Kevin Pillar, Aaron Sanchez, Noah Syndergaard (traded to the New York Mets), and Roberto Osuna.

Related: Twitter reacts to Anthopoulos' departure

Manager John Gibbons is under contract through 2016, but his fate may also be in jeopardy with the departure of Anthopoulos. If the skipper remains with the team past Jan. 1, he'll activate his 2017 option and a club option for 2018.

Anthopoulos has served as Toronto's GM since taking over for J.P. Ricciardi in the winter of 2009, and the team went 489-483 under his watch.

There are currently no GM openings in the majors, so the 38-year-old executive may have to sit out a year before catching on with another club in the same role.