Fenerbahce bid farewell to Zico
© AFP

Turkish first division side Fenerbahce said Monday that Brazilian coach Zico would be leaving the club following a breakdown in talks over a new contract.

After recently suspending negotiations with the former Brazil international over reportedly excessive salary demands, the Istanbul club effectively said Monday they were now on the lookout for a new coach.

"The contract of Arthur Antunes Coimbra (Zico) has now come to an end. We would like to thank him for the successful work he has done with the club, and wish him all the best for the future," a club statement said according to the Anatolia press agency.

Last season Zico led Fenerbahce to the quarter-finals of the Champions League where they were defeated by Chelsea - a feat which some reports said prompted the Brazilian to demand a new annual salary of 3.2 million euros. His current annual salary is worth 1.9 million euros.

Zico, 55, joined the club in July 2006 on a two year deal. He led them to a league and Turkish SuperCup double in 2007, the club's centenary year.

According to reports from Spain Fenerbahce already have a successor lined up in the shape of current Spain coach Luis Aragones.

Aragones led Spain to a semi-final date with Russia in UEFA EURO 2008 following their 4-2 penalties defeat of Italy in the quarters on Sunday.