OFFICIAL: AC Milan announce they are parting with coach Conceicao 

"AC Milan and Sergio Conceicao will not continue their journey together next season," the club said in a short statement on their web site.

"The club would like to thank Sergio and his staff for their commitment, professionalism and dedication shown during their time leading the First Team over the past few months."

Italian media linked Massimiliano Allegri with a return to Milan. Allegri, who is 57, led Milan to the 2011 Serie A scudetto in his first stint in charge. He won five more Italian league titles in two spells at Juventus. 

Conceicao, a former Inter Milan and Lazio player, had signed a contract with Milan until the end of next season but there has been speculation that he might leave in the summer with Milan eighth in Serie A.

He began at Milan by winning the Italian Super Cup after replacing sacked compatriot Paulo Fonseca and then led Milan to the Italian cup final where they lost 1-0 to Bologna on May 14th.

Conceciao, who is 50, won 16 of 31 games in charge at Milan, including 11 victories, seven losses and three draws in the league. He took over with the club in eighth place and finished the season there.

After that loss, the season was summed up in damning fashion by defender Matteo Gabbia, "Quite simply it's been a bad season," Gabbia said. "We weren't able to give our best. We were hoping for more, better from a team given how much talent it has.