Sam Allardyce says "entrapment has won" after he lost his job following a newspaper investigation.
The Football Association terminated his contract on Tuesday after revelations made in The Telegraph.
Speaking outside his home the day after he left the England manager's job, the former Bolton boss explained he was off on holiday to reflect on what had happened.
On reflection, it was a silly thing to do; I helped out someone I had known for 30 years and unfortunately it was an error in judgement on my behalf.
I've suffered the consequences. Entrapment has won on this occasion.
The agreement [to terminate his contract] with the FA was all done very amicably.
I have a confidential agreement so I can't say too much more.
I'm going to go away and reflect on it. I am off abroad to chill out and reflect on it.
Sam Allardyce admitted he was "foolish" and his behaviour did not "live up to the high standards expected of an England manager," The FA's chairman has said.
Speaking after the meeting between the former England manager and The Football Association, at which it was decided that Allardyce would leave "by mutual agreement", Greg Clarke said Allardyce's comments were "inconsistent with the position as the senior manager of England".
Mr Clarke added that the "tipping point" in the decision for Allardyce to leave came during the meeting, and that The FA was not "embarrassed" by what had happened, but "sad".
Mr Clarke continued that the recent events were "not the plan we had, but we've got to make the new plan work," confirming that Gareth Southgate will take charge of the team for the immediate future.
Several influential MPs have told ITV News that if the claims about England manager Sam Allardyce are true, then he must resign or be fired.
ITV News political correspondent Paul Brand writes that one MP on the British parliament's Culture, Media and Sport Committee texted him saying: "Sam should be sacked if proved - shows level of greed at the top of football, he is very well paid as England boss and should be full time - is that not enough for him?"
"Of course, MPs don't run English football," Brand adds. "But political pressure is important when it comes to high-profile appointments like this. If parliament turns against Allardyce, that could be a nail in his coffin."
Sam Allardyce is being "investigated" by the FA over allegations he used his role to negotiate a £400,000 deal, ITV News understands.
The England boss, who has only been in charge of one match since his appointment in July, is also being probed over claims he offered "advice" about how to get around rules on player transfers.
Allardyce, 61, was filmed by The Telegraph allegedly negotiating a consultancy deal with undercover reporters purporting to represent a Far East firm.
He told the "businessmen" how to bypass the "ridiculous" transfer rules, established in 2008 by the Football Association, prohibiting third parties from owning players, it is claimed.
England manager Sam Allardyce has been pictured leaving his home on Tuesday morning.
It comes after an undercover investigation by a national newspaper claimed he offered advice on how to "get around" FA rules on player transfers as he negotiated a £400,000 business deal.
England's new coach was filmed by The Telegraph allegedly negotiating a consultancy deal with undercover reporters purporting to represent a Far East firm.
An undercover investigation claims England manager Sam Allardyce offered advice on how to "get around" FA rules on player transfers.Read the full story ›
Notts County have just announced that John Sheridan has been appointed as the club’s new First Team Manager.
Sheridan, a former Republic of Ireland international, joins the Magpies from Oldham Athletic where he steered the club to 17th place in League One having taken over in January with the team in 22nd position and five points from safety.
The 51-year-old, who has signed a three-year contract, has a proven track record in the Football League, winning the League Two title and Football League Trophy with Chesterfield, whilst guiding both Oldham and Plymouth Argyle to the play offs.
On joining the club Sheridan said:
I’m delighted to be joining Notts County and relishing the opportunity to get the club challenging for promotion to League One.
The decision to leave Oldham was not an easy one and I will always retain my affection for the club and its fans.
Notts County is a big club - far bigger than its current league position suggests and having taken Chesterfield to the League Two title, I know what is required to succeed and get the club back to a higher level.
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Tax officials have halted attempts to wind up Notts County after lawyers told a specialist judge that a debt had been paid.Read the full story ›
Notts County Football Club has confirmed Mark Cooper has left his position as manager after today’s match against Carlisle United.
Cooper served written notice under his short term agreement on Friday and informed the club that he does not wish to sign an extended contract.
He had been appointed manager earlier in March this year.
In a statement, the club said: "Everyone at the club is hugely disappointed that the Manager has taken this decision, but nevertheless would like to thank him for his hard work during his short tenure."
Notts will begin the search for a new Manager next week and a further announcement will be made in due course. The club will delay announcing their retain list in light of this unexpected development.