Coughlan replaced James Rowberry at County in October 2022, ensuring the club avoided a relegation battle after a difficult start to the season.
Amid financial concerns at the start of the 2023-24 season, the former Sheffield Wednesday and Plymouth defender oversaw an impressive start to the campaign that included an FA Cup run and a money-spinning fourth-round tie with eventual winners Manchester United.
A slump in form at the end of the season saw them lose eight successive games and renew questions over Coughlan’s long-term future.
Jenkins, who completed his takeover of the previously fan-owned club in January 2024, had publicly backed the Irishman.
However, it had always been thought that the former Swansea chairman would be keen to appoint his own manager, with the club now beginning the search for a successor.
Newport’s players are due back for pre-season on 1 July, with the club now keen for a head coach-style appointment to work with Jenkins.
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