Owner Jeffrey Lurie released a statement about Reid just moments ago, per the team site:
"Andy Reid won the most games of any head coach in Eagles history and he is someone I respect greatly and will remain friends with for many years to come,” said Lurie. "But, it is time for the Eagles to move in a new direction. Coach Reid leaves us with a winning tradition that we can build upon. And we are very excited about the future.”
Reid has been ousted after two-consecutive disappointing seasons after the Eagles had loaded up in free agency and been a self-proclaimed "Dream Team" heading into 2011.
It's an emotional day for many inside the organization, who have been with Reid since he first came to town in 1999. During his 14-year tenure with the Eagles, Reid led the team to five NFC championship games and one Super Bowl, in which he fell short to the New England.
Reid leaves as the all-time winningest coach in Eagles history with 130 regular season wins to his name.
The coaching search for a new leading man will commence immediately, with many rumors swirling that Jon Gruden and Oregon's Chip Kelly could be among the top candidates.