Hebei made the announcement after Pellegrini guided the team to a 2-1 win over Chongqing Lifan in the club’s final league game of the season.
Pellegrini managed Man City for three years between 2013 and 2016 before moving to China in 2016.
He is now being linked with the vacant role at West Ham, with David Moyes having left the role at the London Stadium.
OFFICIAL: Hebei China Fortuna have confirmed that Manuel Pellegrini will leave his role as manager on May 20th by mutual agreement. pic.twitter.com/VPAu7CcErK
— Squawka News (@SquawkaNews) May 19, 2018
Hebei took to social media to post a message about their outgoing Chilean manager.
“On May 20, 2018, Mr. Pellegrini will no longer serve as manager of Hebei China Fortune,” read a club statement, via Weibo.
“The club would like to express its sincerest gratitude to Mr. Pellegrini for his contributions to the team’s construction.
“We wish Mr. Pellegrini everything to go smoothly in his future work life!”
While at City, Pellegrini won the Premier League and two League Cups.
Pellegrini to West Ham?
Moyes left West Ham after his six-month contract expired. The east London club are actively seeking their new manager, but the job at West Ham will be a difficult one, given the unease among the fans at the lack of investment and sense of disconnection at their new stadium.
Pellegrini, who has experienced management at the top level with clubs like Man City and Real Madrid, is the calibre of manager West Ham fans want.
And reports have suggested the club are set on acquiring the Chilean’s signature.