Southampton executive chairman Nicola Cortese has reportedly handed in his written resignation at the club.
It was claimed on Tuesday night that the Italian was ready to leave the Premier League outfit amid unrest at boardroom level.
Cortese is now understood to have informed that club that he wishes to depart St Mary's Stadium, according to Sky Sports News.
The former banker conducted the deal to buy Southampton on behalf of the late Markus Liebherr in 2009.