John Toshack has resigned as manager of Wales with immediate effect after six years in charge.

The 61-year-old was widely expected to step down following the opening Euro 2012 defeat at home to Montenegro, and has now confirmed his departure at a news conference in Cardiff.

"I thought after three matches of this group we would review everything, said Toshack. "Even after the disappointment of the game in Montenegro that was still the way I felt. But we have come to the agreement that this might be better for everyone concerned."

Under-21 boss Brian Flynn is likely to be appointed caretaker manager until the Football Association of Wales appoints a full-time replacement, and could take charge of the team for next month's crucial qualifiers against Bulgaria and Switzerland.

Manchester United star Ryan Giggs is believed to be the number one target to replace Toshack, while John Hartson has already told talkSPORT he would love the job despite having no previous managerial experience.

Flynn is also in the frame to land the role permanently after his impressive work as youth chief, with Fulham No.2 Mark Bowen and Chris Coleman among others who have been linked to the post.