(CNN) -- The English Football Association has confirmed that England national manager Fabio Capello has resigned from his post with immediate effect.
The decision comes following Wednesday's hour-long meeting between Capello and English Football Association chairman David Bernstein at Wembley Stadium.
The meeting came after Capello openly criticized on Italian TV the English FA's decision to remove John Terry as England captain.
Chelsea defender Terry is due to stand trial in July, after the Euro 2012 finals finish, on allegations of using racist language against QPR player Anton Ferdinand.
In a statement on the FA's official website, Bernstein said: "I would like to stress that during today's meeting and throughout his time as England manager, Fabio has conducted himself in an extremely professional manner.
"We have accepted Fabio's resignation, agreeing this is the right decision. We would like to thank Fabio for his work with the England team and wish him every success in the future."
Capello had already decided to leave the position after the Euro 2012 finals in Poland and Ukraine this June.
However, England are now searching for a new manager ahead of the tournament, with Harry Redknapp the strong favorite to replace the 65-year-old Italian.
In a bizarre twist of fate, the news came on the same day that Tottenham Hotspur manager Redknapp was acquitted of all charges of alleged tax evasion.
Arsenal midfielder Jack Wilshere, who made his first England appearance under Capello, wrote on Twitter: "Shocked about the news on Fabio Capello.
"He had shown great belief and trust in me, so I can only thank him. He was a massive influence on my career so far and I am sad to see him go."
And England striker Wayne Rooney also tweeted about the news, saying: "Gutted Capello has quit. Good guy and top coach. Got to be English to replace him. Harry Redknapp for me."
England's next match is a friendly international against the Netherlands at Wembley on February 29. Capello's assistant Stuart Pearce, who also coaches the under-21 side and will lead the Great Britain Olympic team at London 2012, is expected to take charge on a caretaker basis.