McGuinness, who will be replaced by Alex Tagaroulias, said the coronavirus crisis had taken a toll on his business and he wouldn't be able to commit to Olympic for the rest of 2020.

The club released a statement on Tuesday and it follows on from Damian Zane finishing up with Edgeworth on Monday having signed with rivals Broadmeadow for next year.

"As with the rest of the world, the COVID-19 pandemic has placed a strain on my business outside of football," McGuinness said.

"Like many others, I am having to respond to the changing world.

"This has led me to deciding that I am unable to put the time needed into both my business affairs and my commitment to Olympic.

"Sadly, I have arrived at the decision to relinquish my role as Head Coach at Olympic."

Olympic president George Sofianos thanked McGuinness, a former player at the club and coach over two separate stints, for his service.

"We understand and respect Peter's decision to focus on his business," Sofianos said.

"Sadly, all of us have been impacted by the COVID-19 pandemic.

"We thank Peter for his commitment to the club and wish to acknowledge the professional manner in which Peter has conducted himself during his time as head coach.

"Peter is a multiple premiership winning player and coach at Olympic.

"He remains one of our 'old boys' and someone who will always be welcome at Darling Street.

"Our club have long been known to be a club that does not merely focus its resources on the first grade team, but as we also have a long-standing commitment to youth football."

Olympic's technical director Tagaroulias takes over the role less than a week out from Sunday's opening round clash with the Bears at Weston.

Keelan Hamilton fills the void left by Zane at Edgeworth.

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