Brian Smith has coached the Sydney Roosters for the last time, with the veteran coach and the NRL club agreeing to part ways by "mutual consent".

Smith led the Roosters to a grand final appearance in 2010 in his first year at the club after taking over from Brad Fittler.

But since then the Roosters have failed to make the finals, finishing 11th in 2011 and 13th this year.

Roosters under 20s coach Jason Taylor has quickly been installed as favourite for the position.

The former halfback led Parramatta to the finals as a caretaker coach in 2006, after taking over mid-season from Smith and he also guided South Sydney to their first finals appearance in almost two decades in 2007.

Melbourne mentor Craig Bellamy, who's current contract with the Storm does not expire until the end of 2013, has been linked to a move to the club for some time.

Ex-Warriors and Parramatta coach Daniel Anderson is another possibility, while former Roosters assistant Trent Robinson, who coaches Super League's Catalan Dragons is another who may come into contention.

Former Panthers coach Matt Elliott is contracted to the Roosters, but he has not impressed this season in his work as defensive coach.

While Roosters assistant coach and club veteran Craig Fitzgibbon is likely to have a continued involvement under the new coaching regime, it won't be as head coach.

Roosters chief executive Steve Noyce enjoyed premiership success with embattled Wests Tigers coach Tim Sheens at the joint venture club in 2005.

But the increasing feeling is that like Smith, Sheens has lost touch with the modern game.

In a statement released by the Roosters, chairman Nick Politis paid tribute to Smith's tenure at the club.

"A man of strong values, Brian embraced the clubs values honesty, respect, self-control, pride in the Roosters jersey and leaves behind a strong culture that will continue to grow moving forward," the statement read. 

- AAP