BREAKING NEWS: Club legend leaves Peterborough United

Farrell, who spent 10 years at London Road as a player, has been managing the club’s under 18 side this season.

He also fulfilled roles as under 23 manager and as an education officer within the Posh Foundation.

Posh under 18s have struggled for form this season. They are currently bottom of their Youth Alliance League with just five wins from 18 matches and they bowed out of the FA Youth Cup at the first round stage at the hands of arch rivals Cambridge United.

Farrell, who has left by mutial consent, told the official Posh website: “After 7-and-a-half years working for Peterborough United I have decided to call it a day with my time at the club. It has been a rollercoaster ride in my time there and it will always hold a special place in my heart. I will be immediately looking for a new challenge, who knows what the future may hold.”

Posh director of football Barry Fry added: “David has been a magnificent servant to this football club. The hat-trick that he scored against Barnet in the play-off semi-final back in 2000 was one of the best hat-tricks I have ever seen and I will always remember that goal he scored against Newcastle in the FA Cup when he ran from his own half to score a superb solo goal. He will always be welcome back at this football club and we wish him well for the future.”

Farrell made 388 first-team appearances for Posh - the fourth highest total in the club’s Football League era - and scored 52 goals.