Tim Sherwood had the best win percentage of any Tottenham Hotspur manager in the Premier League era.
The 45-year-old, who replaced Andre Villas-Boas in December, ended the season with a win percentage of 59% after guiding Spurs to a sixth-place finish and Europa League qualification.
Sherwood had described feeling like a school "supply teacher" last week as speculation that he would be replaced mounted.
Sherwood played nearly 100 league matches in midfield for Spurs after winning the Premier League with Blackburn Rovers, and rejoined the club as assistant first-team coach in 2008 before progressing through the ranks to land his first senior management role.
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