Sunrise, FL -- (Sports Network) - The Florida Panthers announced Friday that Jacques Martin will not return as head coach for the 2008-09 season, but will be allowed to stay on as general manager, if he wants to.

"Over the past few days both Jacques and I have spent significant time together discussing what is in the best interest of this franchise," said Panthers owner Alan Cohen. "It is now up to Jacques to decide if he wants to remain with the club as our general manager, where he would continue to play a vital role in helping to ensure the future success of our organization."

The club said it expects to announce whether Martin will remain as GM next week.

Florida finished with a winning record in each of Martin's three seasons behind the bench, but failed to qualify for the playoffs. The Panthers went 38-35-9 this season, finishing in 11th place in the Eastern Conference with 85 points. Florida has not reached the postseason since 2000.

Martin took over as head coach for the Panthers prior to the 2005-06 season, and added GM duties to his title in September 2006. He had previously led Ottawa to a successful eight-season playoff run but was let go by the Senators after they lost to Toronto in the first round of the 2004 postseason.

Martin owns a career coaching record of 517-406-119-56 in 14 seasons as coach of the Panthers, Senators and Blues. The 1998-99 coach of the year, Martin led the Senators to their first Presidents' Trophy in 2002-03, when they reached the Eastern Conference finals for the first time. There they fell to the New Jersey Devils in seven games.