Recall that the Cherries' were relegated to the Championship in the just ended season.
Howe said ending his 25-year association with the club was "one of the hardest (decisions) I've ever had to make".
"Although the affection and love I have for this football club will always remain, we collectively feel that now is the right time for the club to go in a new direction," he said, in an open letter to the club's supporters.
"Bournemouth will always be in my heart, but I firmly believe that now is the right time for the club to have a change.
"I have always ensured that every decision I have ever made as manager has been in the best interests of the club and its supporters, and this is no different."
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