The 44-year-old has enjoyed a hugely successful season at the Mestalla, guiding Valencia to the Primera División title and the UEFA Cup. "It's official. Rafa Benítez has rescinded his contract with Valencia," club spokesman Manuel Mas said.
Benitez's representative Manuel García Quilon rejected Valencia's offer of a contract extension and said the coach had also decided not to stay for the remaining season on his current deal. The outgoing coach was due to speak publicly about his departure later on Tuesday.
There has been speculation that Benítez will replace Gérard Houllier at English Premiership club Liverpool FC. Speaking to the Liverpool website today, chief executive Rick Parry said: "There will be an announcement about our new manager in two weeks. Further to that I do not wish to comment on speculation."
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