SYDNEY, AUSTRALIA - APRIL 15:  Coach Ivan Cleary is all smiles during a Penrith Panthers NRL training session at Sportingbet Stadium on April 15, 2014 in Sydney, Australia.  (Photo by Renee McKay/Getty Images)

Panthers Executive General Manager Phil Gould AM today met with coach Ivan Cleary and informed him the club has terminated the final year of his contract, effective immediately.

"Ivan Cleary has done a tremendous job in his four years at the Panthers," Mr Gould said.

"He has laid the foundation for the future and we are enormously grateful for his contribution to the club.

"We wish Ivan, his wife Rebecca and his family all the very best for the future."