PSV sit fourth in the Eredivisie, 10 points off leaders Ajax, and were eliminated from the Europa League last week.

PSV general manager Toon Gerbrands told the club’s official website: “The decline is too large and unworthy of PSV.

“The competitions are the measuring moments, but the process around them is also decisive. We monitor this intensively. PSV is a club where we try to help and support each other.

“That has also been the case in recent months. The club interest has always been paramount. The evaluation ultimately resulted in this painful decision.

“We have all done everything to turn the tide. Unfortunately, we did not succeed.”