The Matildas are on the lookout for a new head coach after Football Australia (FA) ended months of speculation and confirmed Tony Gustavsson’s contract would not be extended.

Gustavsson’s four-year tenure came to an end after the Swede failed to steer the Matildas out of the group stage, the team’s earliest Olympic exit in 24 years. 

FA said in a statement that the decision to not extend Gustavsson’s up-and-down reign was mutual.

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The 50-year-old’s future has been a hot topic since last year’s Women’s Women World Cup on home soil after he was linked with the Swedish men’s side and the US women’s national team.

Gustavsson opted to see out the final year of his deal with Australia and in a cruel twist of fate it was the US who all-but ended the Matildas’ Olympics medal hopes in the early hours of Thursday morning by sealing a 2-1 win.