BOSTON -- Theo Epstein resigned as general manager of the Boston Red Sox Monday after failing to agree on a new contract with the ball club.

Epstein's contract, signed in 2002, expires at midnight on Oct. 31. He resigned from his post late Monday afternoon.

"Growing up in the shadow of Fenway Park, I never dreamed of having the chance to work for my hometown team during such an historic period," Epstein said in statement late Monday. "My decision not to return as general manager of the Red Sox is an extremely difficult one. I will always cherish the relationships I developed here and am proud to have worked side-by-side with so many great people, in and out of uniform, as we brought a World Championship to Boston."

The team released a statement Monday afternoon that said Epstein, 31, will continue to work with the team for the next few days to "assist in an orderly transition" with off-season activities and to prepare for upcoming general manager meetings.

A report in the Boston Herald said that Epstein was concerned about his relationship with the team's owners. The article said that Epstein was upset about a column in the Boston Sunday Globe about his relationship with team president Larry Lucchino, and thought that the column signaled bad faith from the ownership group.

Epstein and Lucchino had several negotiating sessions during the past week trying to come to an agreement on a new deal.

Reports from most major media sources earlier in the day indicated that Epstein was close to signing the new deal worth about $4.5 for a three-year contract extension -- quadruple his previous salary.

There are general manager vacancies several major league teams, including the Los Angeles Dodgers, Philadelphia Phillies and Tampa Bay Devil Rays.

In 2004, Epstein became the youngest general manager to win the World Series. He also signed slugger David Ortiz for just more than $1 million after Ortiz was released by the Minnesota Twins.

Epstein was the league's youngest general manager in history when he was appointed at age 28. He described the position as his dream job, having grown up in Brookline, Mass., just down the street from Fenway Park.

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