Manchester City has sacked Roberto Mancini - exactly a year since he guided the club to win the Premier League.

However, it is Mancini's failure to build on that achievement that has seen his three-and-a-half year tenure brought to an end.

A club statement read: ''It is with regret that Manchester City Football Club announces that Roberto Mancini has been relieved of his duties as Manchester City manager.

''This has been a difficult decision for the owner, chairman and board to make and it is the outcome of a planned end-of-season review process that has been brought forward in light of recent speculation and out of respect for Roberto and his extensive contributions to the football club.

''Despite everyone's best efforts, the club has failed to achieve any of its stated targets this year, with the exception of qualification for next season's UEFA Champions League.

''This, combined with an identified need to develop a holistic approach to all aspects of football at the club, has meant that the decision has been taken to find a new manager for the 2013-14 season and beyond.''

The news came just hours after rivals Manchester United held a victory parade after reclaiming the Premier title from their neighbours.

City's assistant manager Brian Kidd will be in interim charge for the remaining two matches of the season and the forthcoming tour of the United States.

Malaga coach Manuel Pellegrini is the favourite to take over full time, having been linked heavily with the post since last Friday night.

Despite a disappointing season, Mancini will leave with a fine record having won the FA Cup in 2011 and last season's first title win in 44 years.

City chairman Khaldoon Al Mubarak said: ''Roberto's record speaks for itself and he has the respect and gratitude of Sheikh Mansour, myself and the board for all of his hard work and commitment over the last three and a half years.

''He has clearly also secured the love and respect of our fans.

''He has done as he promised and delivered silverware and success, breaking the club's 35-year trophy drought and securing the title in 2012.

''I would like to personally and publicly thank him for his dedication to the progress that he has overseen and for his support and continued friendship.''