Penrith coach Ivan Cleary has confirmed he is walking away from the club at the end of 2027.

Cleary and the club called a snap press conference on Wednesday afternoon where the master coach revealed he will honour the final year of his contract before bringing the curtain down on the greatest modern-day dynasty in Australian rugby league.

The 55-year-old said he had wrestled with the decision for the last 12 months, but ultimately felt the time was right to end an NRL coaching career that began in 2006.

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“It’s a decision that I haven’t taken lightly, but have been thinking about it for a long time,” he said.

“I feel like it’s definitely the right thing for me, my family and the club.

“I feel very strongly that this is the right time to step aside.”

Cleary confirmed he is stepping down as head coach at the end of 2017. Credit: AAP

Cleary said he is looking to branch out and use his experience in other areas beyond the 2027 season. He added that he has been offered a position at the Panthers in an advisory type role that is keen to explore.

But he closed the door on coaching another team.

“I’ve got no interest in coaching another NRL club, if someone thought I was worthy of a rep job then I’d consider that,” he said.

Penrith quickly announced that current assistant Peter Wallace will take over as senior coach once Cleary leaves.

A veteran of 240 NRL games, Wallace will take on his first NRL head-coaching role after serving on Cleary’s staff since 2023.

“I know I’ve done the right thing because the cheer they gave when ‘Wal’ got the nod almost took the roof off,” Cleary said.

Cleary’s decision is set to have major ramifications on the powerhouse club’s roster for the years to come.

His son and the club’s halfback Nathan is also off contract next season, along with captain Isaah Yeo and representative back-rower Liam Martin.

“He’s been pretty clear about where he stands on his future right now which I think is pretty uncertain. He’s just focused on playing, I don’t think this has made any difference,” Cleary said of Nathan.

Nathan will be free to test the market on November 1 where he is expected to field some of the biggest contract offers in NRL history.

Captain Isaah Yeo and representative back-rower Liam Martin are also off contract at the end of next season.

Cleary began his coaching career at the New Zealand Warriors in 2006, leading the club to the grand final in his final year in charge in 2011.

He then joined Penrith where he led them to a preliminary final in 2014 before narrowly avoiding the wooden spoon the following season.

Cleary spent two years at the Wests Tigers before returning to the Panthers at the end of 2018 for his second and most successful stint.

They won the minor premiership in 2020 and were beaten in a grand final by Melbourne before claiming four-straight premierships between 2021 and 2024.

Penrith lost to eventual premiers Brisbane in last year’s preliminary final.

The Panthers are flying at the top of the ladder with just one loss from 10 matches.

“This is not a time for thank yous or reflections, I still have 18 months in the saddle, so to speak. I honestly woke up this morning thinking about the Dragons and how we’re going to beat them this week,” Cleary said.

- With AAP