Silver led Hull to six wins from his 18 Premier League games, with relegation confirmed after a 4-0 defeat by Crystal Palace on May 14, reports Xinhua news agency.
The 39-year-old, who formerly managed Sporting Lisbon and Olympiakos, replaced Mike Phelan in January on a deal until the end of the season,
The statement on Thursday said that Silva "will be forever remembered for his efforts to maintain our Premier League status".
"Unfortunately, after considering his future, he has chosen to leave in order to further his career," it added.
(This story has not been edited by Social News XYZ staff and is auto-generated from a syndicated feed.)
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