Rabbitohs part with Maguire after five seasons

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South Sydney Rabbitohs have dispensed of head coach Michael Maguire's services after missing out on a place in the NRL Finals for a second successive year.

Maguire joined the Rabbitohs in 2012 and led them to the premiership title in 2014 and World Club Challlenge glory the following year, overseeing 153 NRL matches during his tenure.

The 43-year-old signed a two-year contract extension last October but, after Souths finished 12th this season, a one-place improvement from a lacklustre campaign a year prior, an agreement was reached to part ways.

"Michael helped deliver the premiership title in 2014 and for this we will always be indebted to him. He led us to the premiership victory, the 2015 Auckland Nines win and the 2015 World Club Challenge," Rabbitohs general manager of football Shane Richardson said in a statement.

"However, we feel it's time for the club to go along a different path in terms of the leadership of the team and the direction the team is taking, and they are the responsibilities of the head coach.

"Michael also feels it's in his best interest to head in a different direction in his coaching career.

"Michael is a great head coach and we believe he will go on to do a good job at another club, but as I said, it's time for a change here at South Sydney."