0809 GMT February 22, 2020
News of Klopp's shock exit was broken by German newspaper BILD earlier on Wednesday, before Dortmund promptly confirmed that they would be holding a press conference, eurosport.com reported.
And now the Bundesliga club has announced to the world that Klopp, who won two league titles during his time at BVB, will be moving on after seven years at the club.
Dortmund CEO Hans-Joachim Watzke said, "Juergen, the eternal gratitude of BVB is given to you. What comforts more is friendship will remain."
And Klopp himself told the press conference, "No one must be grateful to me. Both sides have invested a lot and got a lot back. I've always said that I would say if I'm not the perfect coach for this club.
"I chose this time to announce it because in the last years some player decisions were made late and you couldn't react.
"As a person, I would have liked to see that something so beautiful does not have to come to an end."
Manchester City is favorites to land Klopp when he does return to management, with the Dortmund coach having spoken openly of his desire to coach in England.
He revealed in Wednesday's press conference that he will not take a year off, although insisted he does not have a job lined up.
"It's not that I am tired, I don't have any contact with another club but I don't plan to take a year off either."