The inevitable axe on Roberto Mancini fell after Manchester City confirmed the firing of the Italian, with Manuel Pellegrini looking like the most likely candidate to take over at the Etihad come the summer.

There was intense speculation over Mancini's future over the last week, with his possible departure overshadowing the build up to the F.A. Cup final at Wembley, which Manchester City lost to Wigan.

Mancini criticized his own club for the lack of public support shown towards him and now it's become obvious the reasons behind the reaction.

Apart from the loss in the F.A. Cup, City also failed to mount a serious defence of their English Premier League title, while disappointing hugely for the second straight season in the Champions League.

"It is with regret that Manchester City Football Club announces that Roberto Mancini has been relieved of his duties as Manchester City Manager," the clubs said in a statement on their official website.

"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."

After winning City their first league title in 44 years last season, Mancini signed a lucrative five-year deal reportedly worth around £35 million ($54 million).

Only a season has passed since then, and Mancini has been shown the door, after winning the side the F.A. Cup as well in 2011. The Italian will receive a big payoff as he leaves after serving three-and-a-half years as the manager of Manchester City.

Brian Kidd will take over the reins for the final two Premier League games and the following exhibition tour to the U.S.

"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," chairman Khaldoon Al Mubarak said.

"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."

"Assistant Manager Brian Kidd will take interim responsibility for the remaining two games of the season and the postseason tour to the United States."

Pellegrini is the odds-on favorite for the job, with City reportedly in advanced talks with the Malaga manager, even if the Chilean said nothing had been agreed when asked about the impending move on Sunday.