UPDATE: The Los Angeles Dodgers have confirmed the news.

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UPDATE: The latest rumors indicate Mattingly was NOT offered a contract extension, but will be paid his salary for 2016.

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The rumors and speculation surrounding Los Angeles Dodgers manager Don Mattingly appear to be true.

The 54-year-old will not return as manager for the Dodgers in 2016, according to Jon Heyman of CBS Sports. He was under contract for one more season.

"Don Mattingly and the Dodgers will part ways, sources tell CBS Sports.

"The decision is being described as mutual.

"Dodgers higher-ups like Mattingly very much, but it was apparent there wasn't support for the long-term. Word is Mattingly felt he was treated very well by baseball president Andrew Friedman and others, but the sides ultimately decided it was better to move on."

However, according to Ramona Shelburne of ESPN, the Dodgers actually offered Mattingly a contract extension this weekend, but he informed them he preferred to move on from the team because he felt he'd be "more comfortable working for a front office and ownership group that hired him, instead of constantly trying to adapt to someone else's vision."

An official announcement is expected later today.

Rumors throughout the season suggested that Mattingly's job could be in danger if the Dodgers failed to make it past the first round of the playoffs or even fail to reach the World Series, as expectations were high for a team with a $300 million payroll.

Nonetheless, Mattingly will have many suitors on the open market, most notably the Miami Marlins, who have been rumored to be interested in him even before this news. Their 2015 manager, Dan Jennings, recently returned to the front office to take back his former job as general manager.

Mattingly spent five years in Los Angeles, amassed a 446-363 record and never had a losing season. He finished second in the NL Manager of the Year voting back in 2013 and helped guide the Dodgers to their third consecutive NL West title this season, which was the first time that has ever been achieved in franchise history.

Stay tuned for an official announcement regarding the Dodgers and Mattingly as well as other updates.