Club Chairman Donald Kane said: "When Tony was appointed we were aware that this situation might arise and we promised not to stand in his way should it occur. As a Club we have now honoured that promise."
"It is a fantastic opportunity for Tony to Coach at the highest level and we sincerely wish him all the best. He has been thoroughly honest and professional in his dealings with the Club and we are pleased to part on excellent terms."
Kane also paid tribute to Hull City for their dealings "We would also like to thank the Board and Staff at Hull City for their professional cooperation in resolving this move swiftly and amicably."
Wayne Jones will be put in charge of First Team affairs until a replacement to Tony Pennock is appointed.