Oxford United accept manager Chris Wilder's resignation

Oxford United say they have accepted boss Chris Wilder's resignation and agreed compensation with another League Two club, understood to be Northampton.

On Saturday, the 46-year-old's agent had denied reports he had resigned.

A club statement said: "The club can confirm a satisfactory compensation package has been agreed with a League Two club who are expected to announce Chris as their new manager."

Assistant manager Mickey Lewis has been named caretaker boss, it added.

The U's had rejected an official approach from Northampton on Friday but chairman Ian Lenagan said on Saturday that he understood Wilder had decided to quit, before Wilder later denied that was the case.

The former defender for Sheffield United and Rotherham was named U's boss in 2008 and went on to win promotion from the Conference Premier in the 2009-10 campaign, his first full season in charge.

Since then, Oxford United have stabilised as a League Two side, and they are currently sixth in the table, two points off the automatic promotion spots.

"We thank Chris for five years of service at Oxford United. He has worked very hard and helped move the club from the Conference to becoming an established League Two side," Lenagan said.

"We are grateful for his efforts on behalf of Oxford but disappointed that he chose not to continue to the end of this season's journey.

"We now move into a new era for Oxford United. The club has already started a thorough, professional search and interview process for the next permanent manager."

Northampton have been searching for a new boss for four weeks following Aidy Boothroyd's dismissal last month, with Andy King placed in caretaker charge, winning one of his five games at the helm.

The Cobblers have been in the relegation zone since 21 September and have won just five league games all season, in stark contrast to the fortunes of Oxford, who were top as recently as mid-December.