Magilton was relieved of his duties along with his assistant John Gorman on Wednesday after almost three seasons at the club, ultimately paying the price for Town not reaching the play-off's during the current campaign.
In a statement to ITFC.co.uk, Magilton said: "I have spent the last 10 years at a fantastic Football Club, seven as a player and three as a manager. I would like to thank all those players and staff for their support throughout my time at the Club and especially the fans.
"I would also like to thank the board and David Sheepshanks for showing the courage in appointing me as manager. In those three years it has been such a steep learning curve.
"My drive, passion and ambition for Ipswich Town will never diminish. I have striven as a player and as a manager to get the club back to the division I believe they belong but unfortunately that hasn't happened.
"I would also like to thank Marcus Evans for his support not only on a personal level but also on a financial level. I believe that the new manager will have the nucleus of a squad that can take Ipswich Town forward. It has been my great privilege to have played a part in the history of such a wonderful club.
"I now look forward to the next chapter in my life, football is in my blood and I know the calibre of managers out of work, but I firmly believe that the education I have received at Portman Road will stand me in good stead for the future."
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