Cesare Prandelli vowed to remain as Fiorentina coach on Tuesday amid mounting tension at the Tuscan club.
"Cesare Prandelli has announced his intention to remain in Florence without any questions, keen to respect the contract which binds him to the club," read a statement released by the club.
His announcement appeared minutes after club owner Diego Della Valle said in an open letter to fans that he was quitting his role as Honorary President.
However, Della Valle's move does not seem to signal an intent to sell up, at least for the time being.
Prandelli, one of the most admired coaches in Italy, said at the weekend that comments from the owner asking him to clarify his future felt like a sacking.
Della Valle had said earlier in the week that the coach should come out and say whether he wanted to take over faltering Juventus at the end of the season or stay at the Stadio Artemio Franchi.
"I'm bitter," Prandelli told a pre-match news conference ahead of Sunday's 4-1 win over Udinese. "Reading Della Valle's comments well, they sound to me like a dismissal."
Prandelli has been suggested by the media as the top choice to replace caretaker coach Alberto Zaccheroni at troubled Juventus, and is also a candidate to take over as national coach of Italy should Marcello Lippi quit after the World Cup in June.
Della Valle also had a strained relationship with the Viola fans in recent months and his brother Andrea quit as President in September, having reportedly grown disillusioned with life in Florence.
Diego Della Valle confirmed his exit today by penning an open letter to supporters on the club's official website.
"I am writing to tell all those who want the best for Fiorentina that I will no longer be patron of this club," began his statement.
"The subtle manipulation against this club and its fans has overcome every level of tolerability and I do not envisage any change in behaviour in the future.
"The club has been written off by many, but I have done nothing but vigorously defend the value and dignity of the purple shirt and this is not right.
"For the real fans, I say keep your eyes open and do not be used by those who want to destabilise relations between the club and its supporters."
The Della Valle brothers had been with the Tuscan outfit since 2002, overseeing the club's remarkable rise from the fourth tier to Serie A after they were re-formed in the wake of financial troubles under the ownership of Vittorio Cecchi Gori.
Fiorentina, who were controversially eliminated from the UEFA Champions League last 16 stage by Bayern Munich, are currently struggling in eighth spot in Serie A and are trailing 1-0 from the first leg of their Coppa Italia semi-final tie against Inter.