Mitchell's contract with the Ligue 1 club runs to the end of the 2023-24 season, but he will depart Monaco once his successor is appointed and has settled into the role.
The 41-year-old Englishman has been linked with a host of leading clubs, such as Manchester United, Liverpool and Chelsea, over the past year.
He told French newspaper Nice-Matin: “It was a very difficult decision. I loved my experience at this club. I have always felt a lot of support from president Dmitry Rybolovlev.
"We had several discussions about my mission, about the possibility of changing roles within the club, of extending my contract. I am very grateful to the President for trusting me. We have built a relationship based on transparency and honesty.
“But I have spent a lot of time away from home and my loved ones in recent years. I feel that the mission I had, which was to rebuild the sports project, has been fulfilled.”
Mitchell joined Monaco in June 2020 from the Red Bull group, where he was Technical Director across the clubs. He has also held recruitment and scouting roles at Southampton and Tottenham Hotspur.
Mitchell was a speaker at a TransferRoom Summit in 2022, where he talked about the rebuilding project he was undertaking in Monaco.
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