Ismaili chairman Nasr Aboul-Hassan's opinion proved ineffective after several other board members encouraged Ricardo's exit.

Aboul-Hassan declared last week that he hopes to keep Ricardo at the helm, despite the latter reluctance to stay on.

However, the former Hilal (Sudan) coach has reached an agreement with the board to terminate his contract by mutual consent.

Ricardo led Ismaili to an epic Egyptian Premier League finale this season, where the Dervishes have only lost the title in a playoff clash with Ahli.

His agent revealed recently that he is considering offers from a handful of Arab clubs, including CAF Confederation Cup champions Sfaxien.

Foreign Replacement

Meanwhile, Aboul-Hassan confirmed that the club are seeking to replace Ricardo with a foreign coach.

"Most of the good Egyptian coaches are under contract with other clubs," Aboul-Hassan told Al-Hayat TV.

"We don't want to have any problems trying to lure contracted coaches, that's why the best thing will be hiring a foreigner."