David Moyes turned down £3million in compensation after quitting as Sunderland boss, it has emerged.
The former Manchester United manager lasted just nine months in the Stadium of Light hot seat.
After overseeing the club’s ill-fated relegation to the Championship, the ex-Everton boss opted to resign.
Moyes informed the North East club of his decision to leave during a meeting in London with chairman Ellis Short on Monday, passing up on the opportunity to claim a staggering pay-off.
It is understood that would have been worth a cool £3m after ending his four-year contract early.
The decision was well received by Sunderland chiefs who paid tribute to Moyes’ “character”.
A club statement made by chairman Ellis Short read: “I pursued the services of David Moyes for a considerable period prior to his appointment last summer, which makes the announcement of his departure difficult for everyone concerned.
“Having worked tirelessly throughout the campaign to avoid relegation from the Premier League , David has chosen to leave the club without compensation, which is testament to his character.
“In the days ahead we will take some time for reflection, and then focus on recruitment and pre-season as we prepare for our Championship campaign.
“We wish David well in the future.”
Moyes’ record was far from desirable, losing 28 times in 43 games with just eight wins and seven draws.
He took charge just at Sunderland last summer in the hope of reviving his career after failed spells at Manchester United and Real Sociedad.
Yet his side finished bottom of the table after winning just six of their 38 games in a dismal campaign.
In a short statement, Moyes wished his successor well as Sunderland now focus their attention on finding a manager who can successfully steer the club back to the Premier League at the first time of asking next season.
Moyes said: “I would like to thank Ellis Short and the Board for giving me the opportunity to manage Sunderland and the fans for always being so passionately supportive of their club.
“I wish the players and my successor well in their efforts towards promotion back to the Premier League”.
Manchester United legend Ryan Giggs , who replaced Moyes as caretaker boss when the Scot was axed at Old Trafford in 2014, is priced at 9/2 for his first managerial appointment.
Betway’s Alan Alger said: “David Moyes’ resignation could have opened the door for Ryan Giggs to take up his first permanent role in management at 9/2.
“He heads an open market of candidates, which includes 9/1-shots Garry Monk and Alan Pardew. Ex-Black Cats legend Niall Quinn comes next in the betting at 14/1.
“As for Moyes, we think he could look to rebuild his career with a Championship side at 10/3, or maybe even get the nod to replace Gordon Strachan as Scotland boss at 11/2.”
Leeds boss Garry Monk is listed at 9/2 by the bookmakers to replace Moyes, while ex-West Ham and Crystal Palace chief Alan Pardew is also fancied at 9/1.
Moyes is priced at 11/2 to return to his native Scotland for his next job in management – or 9/1 to take a job in the Chinese Super League.