Mansfield have "reluctantly accepted" the resignations of manager Steve Evans and his assistant Paul Raynor.
Former Leeds boss Evans has been linked with the vacant managerial position at Peterborough, who parted company with Grant McCann on Sunday.
Sky sources understand Peterborough want to speak to Evans about their vacant manager's job.
Sky Bet have suspended betting on the next Peterborough manager after Evans' Mansfield exit.
Evans departs Mansfield with the club fifth in Sky Bet League Two, two points off automatic promotion with 16 wins and 12 draws from their 34 games.
The Stags are an even-money chance with Sky Bet to go up to League One.
Academy manager John Dempster will take temporary charge ahead of Saturday's game at Stevenage.
Stags chairman John Radford said: "While I am disappointed by their decision, there are no individuals bigger than Mansfield Town Football Club and the process of appointing a new management team which can lead the club to League One is already underway.
"Mansfield Town has progressed year-upon-year in recent seasons both on and off the field.
"The club has a fantastic, encouraging and vociferous fanbase, a loyal, patient and supportive board of directors and a dedicated and hard-working team of behind-the-scenes staff.
"With this in mind, along with our current healthy standing in Sky Bet League Two, the vacant post of manager at One Call Stadium is surely one of the most attractive in the English Football League.
"Our ambitions of promotion this season remain as fervent and steadfast as ever and we will leave no stone unturned in our process of appointing the right manager to lead our talented squad of players."
