David Blatt has been fired as head coach of the Cleveland Cavaliers.
Blatt released a statement through his agents, Priority Sports, on Friday, thanking owner Dan Gilbert and others for the opportunity to coach the team.
"I am proud of what we have accomplished since I have been the head coach and wish the Cavaliers nothing, but the best this season and beyond," wrote Blatt.
Assistant coach Tyronn Lue has reportedly agreed a three-year deal to replace Blatt, with the Cavaliers scheduling a news conference with general manager David Griffin for later on Friday.
Blatt was brought to Cleveland before the 2014 season and helped lead them to the NBA Finals - where they lost to the Golden State Warriors - with the help of a star-studded line-up featuring LeBron James, Kyrie Irving and Kevin Love.
The Cavaliers are top of the Eastern Conference with a 30-11 record and were 83-40 in the regular season during Blatt's tenure. However, they did suffer a 132-98 thrashing at the hands of the Warriors this week.
Before taking the Cavaliers job, Blatt coached overseas for over 20 years in Israel, Russia, Turkey and Greece. The 56-year-old had two seasons remaining on his contract at $5 million annually.
Lue was an assistant with the Boston Celtics and Los Angeles Clippers before being named associate head coach for the Cavaliers in 2014.