The Rebels have stagnated this season at just 11-14, which could wind up being the first and only losing season of Kennedy's tenure.
Kennedy's 245 victories at Ole Miss make him the winningest coach in school history.
Kennedy said he was "at peace" with the decision.
At the time of this writing, Kennedy has an overall career coaching record of 266-167.
Britain-led expedition to investigate newly exposed Antarctic ecosystem
The team will not be the first to investigate the aftermath of the massive breakaway of the Larsen C Ice Shelf . They plan to spend three weeks aboard the BAS research ship, the RRS James Clark Ross .
After 12 years at the helm, Andy Kennedy is reportedly leaving Ole Miss at season's end. Kennedy also helped get a new, $96.5 million arena built for Ole Miss' basketball programs. The losing streak includes a 79-70 setback against Auburn on January 30.
In the 2013 season Ole Miss won the SEC Tournament by knocking off Missouri, Vanderbilt and Florida in consecutive games. "I have too much respect for the position of being a head coach in the SEC to allow any speculation about my job status to create a divisive distraction for this program and the people who support it", Kennedy said. "I also know that it is time for a new voice and a new vision for this program moving forward". Kennedy's teams have compiled nine 20-win seasons, six NIT berths, two NCAA Tournament berths, two NIT Final Four appearances, two SEC West titles and an SEC Tournament championship.
Yet when he inherited the program in his home state, it had only seven 20-win seasons and nine postseason victories in its almost 100 years of existence.
Kennedy turned around the Ole Miss basketball program.
Crude Oil Stuck Below $60 On US Shale Boom
Crude edged lower after an industry report was said to show USA crude and gasoline inventories are continuing to expand. It was back then that the US was last producing more than 10 million barrels per day, and it only did so briefly.
However, as programs throughout the conference strengthened, Kennedy's hold in Oxford became more tenuous.
Wake Forest fired Dino Gaudio in 2010 after back-to-back early NCAA tournament exits.
The Rebels host Arkansas at 6 p.m. Tuesday.
Flight lands in Honolulu after losing engine parts
The San Francisco resident wrote that she "heard a big bang" and the plane "started to shake violently" during the flight. The twin-engined Boeing 777 was around half an hour from its destination when the incident occurred.