Baku. 18 November. REPORT.AZ/ Olsen - the longest-serving national coach in Europe - had previously declared his intention to quit his post at the end of Denmark's Euro 2016 campaign, which was brought to a disappointing end.
Report informs, Denmark missed out on qualification as a 2-2 draw with Scandinavian neighbours Sweden secured a 4-3 aggregate defeat in their play-off.
Zlatan Ibrahimovic, who had netted in the first leg, was at his imperious best as he scored two sublime goals to put the visitors 2-0 up in Copenhagen.
And though late goals from Yussuf Poulsen and Jannik Vestergaard cancelled out Ibrahimovic's strikes, it proved too little too late for Olsen's side, and the veteran manager has now confirmed he is stepping down.
"I have informed the DBU and the players that I will stop now. It makes no sense for me to continue, it must be a new coach," he said.
"I am especially disappointed for the players that they do not get the experience of getting to the finals, so it does of course hurt me personally.
"But I think we have an exciting squad. We have many young players, but also older and more experienced ones."
Olsen led Denmark to four major tournaments during his spell in charge, while the DBU confirmed that it would hope to appoint a successor before the end of the year.