Sky Sports shared the official translation of the statement:
Our relationship with coach Roberto Mancini and his contract of employment, which was signed on October 1, 2013, has been terminated by mutual agreement.
We wholeheartedly thank (Mancini) for his success and achievements and wish him happiness in his next mission.
Eurosport were one of the first outlets to break the news:
Tancredi Palmeri of beIN Sports shared the manager's statement following the news:
According to The Guardian, Mancini and the club mutually agreed to part ways following Galatasaray's unsuccessful campaign in the Turkish Super Lig, finishing second behind league champions Fenerbahce.
Goal's Enis Koylu didn't expect both parties to go their separate ways this soon, though he couldn't deny Turkey's most storied club had taken a step back under the guidance of the Italian manager:
Palmeri claimed the decision had been made a while ago, but the financial details of the contract kept both parties from breaking the news:
The manager himself told La Gazzetta dello Sport (h/t Football Italia) he planned on staying with Galatasaray just two days ago, having signed a three-year contract at the start of the 2013-14 season. Mancini confirmed he missed his native country and its football, but that wasn't enough to make him reconsider his future in Turkey:
I miss Italy, not only in affection but also for the football.
But I will be clear—I am staying at Galatasaray. I have two years on my contract and I am fine. We will play in the Champions League, we will resume in mid-July.
Mancini signed with the Turkish outfit following a stint with Premier League champions Manchester City, and pundits believed the manager chose Galatasaray in order to help rebuild his reputation.
The Guardian is already linking the experienced Mancini with a return to his native Italy, as Lazio struggled through much of the 2013-14 season with Edy Reja at the helm.
Boylesports doesn't rule out a return to England either:
Mancini could be a perfect fit.
Mancini was wildly successful as manager of Internazionale earlier in his career, but struggled to control the star-studded team he was tasked with guiding in Manchester. The presence of veteran stars Wesley Sneijder and Didier Drogba seemed to work against him in Istanbul as well, and failure to deliver the Turkish title likely sealed the manager's fate.
The Italian has always thrived in the role of underdog, never more than when he was tasked with leading Inter against the mighty Juventus of the pre-Calciopoli era. At Southampton, Mancini would find a young squad oozing with talent, a situation perhaps better suited for his particular skill set as a manager.
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