Harry Redknapp has stepped down as manager of Queens Park Rangers with immediate effect.

The 67-year-old's position had been the subject of much speculation over recent weeks as the R's struggled to find any consistent form upon their return to the Premier League last summer.

However, speaking about the reasoning behind his decision to resign, Redknapp has insisted that upcoming knee surgery, rather than the side's poor results, was the major factor.

"I have had such a fantastic time at QPR. I would like to thank the board, the players and all my staff, and especially the supporters who have been absolutely fantastic to me since I arrived at the club for their tremendous support," he told the club's official website.

"Sadly, I need immediate surgery on my knee which is going to stop me from doing my job in the coming weeks. It means I won't be able to be out on the training pitch every day, and if I can't give 100%, I feel it's better for someone else to take over the reins.

"My relationship with Tony Fernandes has been one of the highlights of my footballing career and I wish the club every success. I am confident they will survive in the Premier League this year."

Chairman Fernandes added: "I would like to take this opportunity to thank Harry for everything he has done for QPR during his time in charge.

"We part on good terms and I would personally like to wish him all the best for the future."

Redknapp took control at Loftus Road in November 2012 following the departure of Mark Hughes.

Les Ferdinand and Chris Ramsey have been placed in interim charge of the first team, who are currently 19th in the table.