Coleman's reputation sky-rocketed after leading Wales - previously without a major tournament appearance since 1958 - to the Euro 2016 semi-finals, but he was unable to follow that up with qualification for next year's World Cup in Russian Federation.
He became Wales manager in January 2012 following the tragic death of Gary Speed and built a team around Real Madrid winger Bale that shocked Europe's elite nations to reach the last four at Euro 2016 in France. But following a board meeting on Friday, Coleman chose to reject the offer of a contract extension, and the Mail report that he will replace Simon Grayson at Sunderland by the end of the week.
FA Wales chief executive Jonathan Ford said: "We are extremely disappointed to see Chris' tenure come to an end".
Those talks ended with Coleman opting to leave, having often spoken about hoping to one day return to the day-to-day demands of club management.
He added: "We wish Chris the very best of luck for the future as he returns to club management, a desire for which he has always been honest and open about".
Assistant manager Kit Symons has also resigned and is expected to join Coleman at the Stadium of Light.
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Disappointment followed as Wales failed to reach the 2018 World Cup finals in Russian Federation.
At the time the 40-year-old said: "Apart from you asking me about it now, it's not even in my head".
There was speculation that Northern Ireland boss Michael O'Neill had turned down an opportunity to manage the club and Barnsley's Paul Heckingbottom had also been heavily linked with the vacancy.
"I know how much they thought of the manager - he was more than just a manager".
Interim manager Robbie Stockdale will still be in charge for the home game tomorrow against Millwall.
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