The decision was made mutually, with Ottolini's contract being terminated.
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Genoa are set to name Diego Lopez, formerly of Lens, as Ottolini's replacement.
Meanwhile, a return to Juventus for Ottolini has been mooted. The Bianconeri are seeking a new sporting director.
Juve GM Damien Comolli stated at today's presentation for new coach Luciano Spalletti: "The search is still ongoing, and we'll let you know when the time comes."