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TAMPA, Fla. -- It's official. The Tampa Bay Buccaneers have fired head coach Greg Schiano and General Manager Mark Dominik.

The news was first tweeted out by FOX Sports NFL insider Jay Glazer, and shortly after the Tampa Bay Buccaneers confirmed the firings on their website.

"The results over the past two years have not lived up to our standards and we believe the time has come to find a new direction. Mark has been a valued member of our organization for two decades and we respect the passion he showed for the Buccaneers during his time here. We thank Greg for his hard work and effort the past two seasons, but we feel these moves are necessary in order to achieve our goals," said Buccaneers Co-Chairman Bryan Glazer in a statement posted on the Bucs' website.

This afternoon at 2:30 p.m., the Bucs were scheduled to hold their end-of-the-season news conference, but it is unclear at this time if that will still happen.

Some reports say that if Bill O'Brien leaves Penn State, Schiano would be pursued by the school.

In January, Schiano just signed a five-year, $15 million contract. The Bucs ended the year with a 4-and-12 record after losing to the Saints Sunday.

Reporter Preston Rudie will have reaction from fans on Schiano's possible exit on 10 News at noon.