Updated from 11:30 a.m. EDT with comments from the Red Sox

NEW YORK (

TheStreet

) -- Boston Red Sox manager Terry Francona will part ways with the ball club that he managed for eight seasons and led to two World Series championships, including the club's first in 86 seasons.

Terry Francona

Sports Illustrated

baseball columnist Jon Heyman said the decision was made Thursday night and was expected to be formally announced sometime Friday.

But the team said a decision hadn't been reached, according to ESPN.com.

"We all plan on taking some time to process the thoughts expressed in the meeting. There are no immediate plans for an announcement," Red Sox general manager Theo Epstein said, according to ESPN.com.

Despite the statement from the Red Sox, Francona told staff members on Thursday that he won't be returning as manager, a club source told ESPNBoston.com on Friday.

Heyman said the reason for Francona's departure was over differences about how things were handled in the 2011 season.

-- Written by Joe Deaux.