Cleveland, OH -- (Sports Network) - The Cleveland Indians have informed manager Eric Wedge that he will not be back next season.

The club announced Wednesday that Wedge and the rest of the coaching staff will be let go at the conclusion of the campaign. They will remain in their respective positions for the rest of this week.

"I felt like (staying for the rest of the season) was the right thing to do," Wedge said. "Obviously I have a tremendous amount of respect for (owners Larry and Paul) Dolan and (general manager) Mark Shapiro. The only thing I asked is I'd like to know before we went to Boston (for the final series of the season)."

The team held an afternoon press conference to announce the moves.

"Over the past seven years as major league manager and the five years before that as a manager in the minor league system, Eric has been the epitome of a team player," said Shapiro. "He has demonstrated consistently strength, a tireless work ethic and in my mind is an example of a leader. It's been a privilege to work with him, and I think everybody in this organization has benefited from his impact."

Cleveland currently sits a half-game out of last place in the American League Central with a 65-93 record. It's the Indians worst season since ending the 2003 season with a 68-94 record -- Wedge's first year as manager.

Wedge was named the 38th manager in team history at the conclusion of the 2002 season -- replacing Charlie Manuel, who was let go in the middle of the campaign and replaced on an interim basis by Joel Skinner -- after managing in Cleveland's farm system from 1998-2002.

The Tribe saw an improved winning percentage in both the 2004 and 2005 seasons before stumbling to a fourth-place finish and 78-84 mark in 2006. However, Wedge guided the Indians to a 96-66 record and an AL Central championship the very next season -- their first since 2001. Cleveland beat the Yankees in four games in the division series before losing out to the Red Sox for the AL Championship despite holding a 3-1 edge in the series. Wedge was named AL Manager of the Year for his efforts.

"I'm the manager of the team. It's my job to go out there and win games," Wedge said. "There's not an asterisk that says 'only if you have this (player), that or the other.' It's your job to do that. I'm a big believer in being accountable for what you do."

In 2008 and 2009, the team stumbled to subpar first-half records, forcing them to trade the reigning AL Cy Young Award winner in both seasons. CC Sabathia was traded to Milwaukee in 2008 before signing a free agent contract with the Yankees last offseason, and Cliff Lee was sent to Philadelphia at the trade deadline this season.

Cleveland also traded All-Star catcher Victor Martinez to Boston at the 2009 non-waiver trade deadline.

"It's frustrating. As a team you don't want to be in this position," said Indians center fielder and franchise player Grady Sizemore. "You hate to lose a manager like Eric, and the guy is respected by his peers and his players and staff. It's tough -- it's one of those things that's a reflection on all of us."

Over his seven seasons as Indians manager, Wedge amassed a record of 561-569, including a split in a doubleheader Wednesday with the White Sox.