"Helena Costa has decided not to keep her commitments to Clermont and she will therefore not be the club's coach next season," the Ligue 2 club's president, Claude Michy, said in a statement on Monday.
"This is a sudden and disappointing decision."
Portuguese Costa, 36, had previously coached the Iran women's national team and scouted for Scottish Premier League club Celtic.
(Reporting by Julien Pretot; Editing by Stephen Wood)
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