One of the most accomplished basketball coaches of his time, Blatt is best known for his brief stint coaching LeBron James and the Cleveland Cavaliers.

The Israeli coach also worked with Maccabi Tel Aviv in the Euroleague and guided Russia to a bronze medal at the 2012 Olympics in London. He was also coach of the gold-medal winning Spain team at the 2007 Eurobasket.

In a statement, Blatt said: “After a long and respectful discussion between the owners and myself, our two parties have decided it’s in the best interest of both sides to part ways. My time in Greece with Olympiacos has been meaningful and significant in many ways. I am very appreciative of the people and family I have found here.

“I have nothing but respect for the management, players, and staff that I have had the pleasure to work with and wish only the best for them.”

A club statement described the decision as “a difficult moment for everyone”. It said: “We part ways with a great coach but most of all a wonderful person. We have had the honour to work with one of the biggest figures of world basketball and we have gained a lot from his presence in our team.

“David Blatt has served the club consistently, courageously and selflessly in a crucial moment for Olympiacos.”