The former Swansea boss rejected a 12-month contract extension after Andrea Radrizzani completed his takeover at the Championship side earlier this week.
That decision left Leeds ‘shocked’ according to a statement that the club released and comes after United failed to reach the Championship play-offs following a late-season slump.
Monk has said that he was unable “to agree a suitable way for us to all move forward together” with Radrizzani and says he wanted to remain “at this fantastic club for many years to come.”
The 38-year-old spent just one season at Elland Road with Leeds now searching for their eighth manager in three years.
Former Middlesbrough boss Aitor Karanka has been linked with the post, while Monk is in the frame for the vacant Boro, Watford, Sunderland and Crystal Palace jobs.
Garry Monk’s statement in full
It is with huge disappointment that my time at Leeds United has come to an end.
My intention was always to remain at Leeds and I saw myself at this fantastic club for many years to come. However, ultimately no agreement could be reached.
After discussions with the new owner, we have unfortunately been unable to agree a suitable way for us to all move forward together.
Working at such a huge and historic club as Leeds United has been a true honour and myself and staff put our all into what was an excellent season.
It was a campaign in which we were set the objective of improving things across the board on the field, in the wake of what have been a difficult few years for the club.
I believe that we managed not only to considerably improve our results, but I would also like to think we gave the loyal Leeds United fans and the city of Leeds a team and a club of which they can once again feel proud.
Hopefully and I’m sure that the many foundations we have put in place here can be built upon and it’s my desire to see this amazing club back in the Premier League, where it belongs.
I would like to thank all of the players, who have been a real privilege to work with every day. They are on the right track to become very successful and boast the potential to be top players for this club, of that I have no doubt.
I’d like to thank all the staff at the club. First and foremost, my first-team staff, I am very grateful for the hard work and commitment you put in to last season.
I also wish to thank the staff at the Academy, Thorp Arch, Elland Road and the matchday personnel at the stadium, who have all made myself and my family feel most welcome.
I’d like to thank both Massimo Cellino and Andrea Radrizzani. Particular thanks go to Massimo, who helped bring me and my staff to this tremendous football club. I would also like to wish Andrea good luck and success during his tenure as the Leeds United owner.
Last but most definitely not least, I’d like to give my thanks and express my appreciation to all the supporters. You are amazingly loyal and passionate. The support you have offered me makes me feel immensely proud.
I will always cherish those amazing atmospheres you created at Elland Road last season and the complete takeovers of opposition grounds, with thousands of you travelling to every game. Your unbelievable support is deserving of a place amongst the elite and belongs in the Premier League.
Finally, I’d like to wish Leeds United and everyone associated with the club a very successful future.