Carlos Carvalhal has expressed his sadness at leaving Hillsborough but says the time was right on both sides to depart.
The Portuguese left the Owls following the 2-1 home defeat to Middlesbrough on Saturday.
Speaking exclusively to swfc.co.uk, Carvalhal said: “The chairman and myself talked after the game and we believed this was the correct timing to make this decision.
“Of course, I am very sad at this moment because I have enjoyed my two seasons and a half so much with Sheffield Wednesday.
“We had two fantastic seasons and two play-offs on the row but unfortunately we have not managed to replicate these positions this season.
“There are reasons why I believe this is the case and the problems we have faced, of which I have spoken in my press conferences, so now is not the correct time to repeat.
“Now is the time to focus on the wonderful experiences I have enjoyed at Sheffield Wednesday and the friends I have made.
“The fans are fantastic, unbelievable, and I would like to thank them very much. They have given me some memories that I will always cherish.
“I would like to thank all the players for the way they have given me nothing less than 100% support and commitment.
“Myself and my staff felt at home at Sheffield Wednesday and I cannot say anything higher than that on a personal level.
“I would also like to thank everyone at the training ground and in the offices, for welcoming us to their club and making us feel like we belong. It is not always an easy transition to begin work in another country and especially at such a massive club but the support that has been given with genuine warmth made that transition very natural.
“Finally, I say a very big thank you to the chairman, who has been amazing throughout my time with Sheffield Wednesday. He is the best chairman I have ever worked with in my life in football and I hope everybody at Hillsborough can help him achieve the dream of the Premier League.”