The German coach, 73, signed a two-year contract with the club in June 2007. He already coached the side for the 1992-93 season, and another Istanbul side Besiktas from 1998-1999. He also coached German sides Borussia Dortmund, Kaiserslautern and Eintracht Frankfurt.
He has been recently under fire by media and fans due to disappointing results and poor player choices although the team is in the second place in Turkcell Super League. Galatasaray have 61 points with only six weeks left before the end of the season. The team will play Genclerbirligi in Ankara on Sunday.
Feldkamp has announced this month he will not continue to coach the team next year but act like an advisor but the early resignation before the season ended came as an surprise.
Dogan News Agency (DHA) reported Galatasaray Chairman Adnan Polat had a meeting with players, who supported the decision of the board to ask Feldkamp's resignation. Feldkamp was having problems with the important players of the team such as 37 years old captain Hakan Sukur and Brazilian midfielder Cassio Lincoln.
DHA also said Galatasaray officials cut a deal with Italian manager Alberto Zaccheroni. Turkish media previously speculated Getafe's Danish manager Michael Laudrup is the leading candidate to replace Feldkamp next year.
Fenerbahce fight back to stun Chelsea
An admirable second half fight-back from Fenerbahce. Turkish team mounted a stunning comeback to shock Chelsea in the first leg of their Champions League quarter-final.
Fenerbahce soccer team of Turkey defeated Chelsea soccer team of England 2-1 at the first leg of the quarter finals in the European Champions League in Istanbul on Wednesday.
Chelsea took the lead when Deivid diverted Florent Malouda's cross into his own net and Michael Essien also hit the bar in a one-sided first-half.
But Fenerbahce levelled when London-born Colin Kazim-Richards smashed home Mehmet Aurelio's pass.
And Deivid made amends for his early error to win it with a superb 27-meter strike into the top corner.
Deivid de Souza and Kazim Kazim scored second-half goals Wednesday to give Fenerbahce a 2-1 win over Chelsea in the first leg of the Champions League quarterfinals.
Deivid scored an own-goal in the 13th minute as a cross from Florent Malouda deflected off him and went in.
But Kazim equalized in the 65th and Deivid scored with a powerful shot from way beyond the area in the 81st.
Teams of the calibre of Inter Milan, PSV Eindhoven and Sevilla have also come a cropper at the Sukru Saracoglu stadium this season but Chelsea's defeat was a huge surprise after the way they began the game.
Credit must go to Zico for masterminding his side's recovery but Chelsea's first defeat in Europe this season leaves Grant with plenty to think about ahead of next week's second leg.
"We are strong enough at home,'' Chelsea midfielder Michael Ballack said. "Everything is in our hands.''
Stadium: Fenerbahce Sukru Saracoglu
Referees: Claus Bo Larsen, Anders Norrenstrand, Henrik Sonderby
Fenerbahce: Volkan Demirel, Onder, Lugano, Edu, Vederson, Deivid, Aurelio, Maldonado, Ugur (min. 54 Kazim), Alex, Kezman (min. 72 Semih)
Chelsea: Cudicini, Essien, Terry, Carvalho, Ashley Cole, Joe Cole (min. 86 Anelka), Makelele, Ballack, Lampard (min. 76 Obi Mikel), Malouda, Drogba
Scorers: Deivid (mins. 13 and 81) Kazim (min. 65)
