Port Melbourne and senior coach Gary Ayres are set to go their separate ways as the Borough begin a new five-year strategic plan.

The club announced on Friday afternoon that they will begin the selection process for a new head coach, ending Ayres' 14-year tenure with Port.

According to Caulfield Glen Eira Leader's Paul Amy, Ayres was offered a coaching director's role at the Borough, but declined as he held a desire to remain in the Port Melbourne hot-seat.

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The former Geelong and Adelaide coach will now depart the Borough at season's end, which concludes Ayres' stint with the club that saw Port win premierships in 2011 and 2017.

In a statement released by Port Melbourne on Friday, the club revealed that they form a sub-committee to begin the search for a new coach as a result of a recent review of its football operations.

"The club has been completing a thorough review of its football operations, the outcome is that we shall be accepting applications for the position of VFL Men’s Head Coach for season 2022 and beyond," the statement reads.

"Gary Ayres, our current Senior Men’s Coach has been informed of this review and is currently assessing future options. Gary’s succession has been discussed with him over a number of years.

"We acknowledge the extremely valuable contribution he has made to our Club over a long period of time and look forward to everyone supporting him and our Men’s team as he coaches the remainder of the season.

"More details in relation to this Coaching position will be provided in due course. The Board is establishing a sub-committee that will be charged with the “Head Coach” selection process and overseeing the development of the 3-5 year football department strategy in conjunction with the Head Coach."

Port Melbourne currently occupy the bottom of the VFL ladder in what has been a difficult season for all 22 clubs as the league looks to push ahead in its new-look competition.

The Borough have managed just one win from their eight matches this season, with the league facing ongoing COVID challenges to keep the season alive.

Port Melbourne will face North Melbourne at Arden Street Oval on Saturday in hope of securing their second win of the season.