Gartside told the club’s official website www.bwfc.co.uk: “I have reluctantly accepted the resignation of Sam Allardyce after eight years of unprecedented success at the club.”

Allardyce has steered Bolton to within touching distance of UEFA Cup qualification despite a traumatic campaign.

A BBC Panorama investigation linked him to a bungs scandal, though Allardyce refuted the accusations made in the programme and threatened the programme-makers with legal action.

Panorama’s ’Undercover: Football’s Dirty Secrets’ claimed that Allardyce and his son Craig, formerly a football agent, were given illegal payments to facilitate player transfers.

He has apparently revealed his reasons for stepping down to Gartside, but the Bolton chairman wants the matter to be kept private.

Gartside told www.bwfc.co.uk: “I would like to thank Sam for his enormous contribution to Bolton Wanderers, both as a player, but more importantly as a manager.

“Since joining the club as manager in October 1999, he has helped lead a fantastic transformation of this famous Lancashire club and has helped design and build an infrastructure that will enable the club to continue the progress that we have undoubtedly made in his period of office.

“He has given his reasons for wanting to leave the club at this time, which are private and we respect that privacy.

“I would like to wish Sam and his family every success in the future.”