Barcelona manager Pep Guardiola has decided not to renew his contract with the club and will announce the intention at a press conference on Friday, according to U.K.-based BBC.

Guardiola met with the club's president Sandro Rosell and other officials in a three-hour meeting and expressed his intention of not continuing. It is understood that Guardiola has been offered an "unlimited spending power" this summer if he were to stay, but the 41-year-old insisted to quit. Rumors have it that Guardiola may take a time-off from the soccer scene for a year, not taking any manger position from other clubs.

The speculation of Guardiola leaving is not something new. Guardiola had been refusing to comment on this issue, excusing that he needs to focus on the season. But with the recent defeat against Real Madrid at "el Clasico" and the elimination from the Champions League tournament, the boss may be making the announcement before the season is over.

According to reports by Guardian, Barcelona is in search for a successor for Guardiola. Among the mentioned candidates included the Athletic Bilbao's coach Marcelo Biesla and the France manager Laurent Blanc, and former Barcelona player Ernesto Valverde.

Guardiola, a former Barcelona player and captain, has managed the club since 2008-09 season and literally collected trophies after trophies during his time.

In his first year at Barcelona as a manager, Guardiola led the club to be the first Spanish club to accomplish "treble", winning the La Liga title, the Champions League, and the Copa del Rey. Guardiola also became the youngest manager to win a Champions League.

The following year, Barcelona started the season with winning the Spanish SuperCup, the European SuperCub, and the Club World Cup. Although the club was eliminated at the semi-finals of the Champions League, Barcelona won the league again.

In 2010-11, Barcelona managed to reclaim the trophy for the Champions League, beating Manchester United 3-1. Guardiola also successfully beat Jose Mourinho's Real Madrid in the league and deliver third consecutive La Liga title for Barcelona.

This season, which is likely going to become Guardiola's final season with the club, Barcelona won Spanish Super Cup and the Club World Cup. The club was eliminated from the Champions League and winning the league title is practically impossible by now, but they still have a hope of winning the Copa del Rey, if they manage to beat Athletic Bilbao.

Guardiola will be meeting with the players on Friday morning and announce at the press conference later on the same day.