And has been confirmed in the national press by the club this time
His departure comes following the 1-0 defeat against Manchester United on Saturday that virtually sealed relegation back to the Championship.
Today's official confirmation that McNally is leaving Carrow Road follows a weekend of rumours and speculation after he appeared to announce he was going in an exchange with a fan on Twitter in the aftermath of Saturday's match.
That was later withdrawn but this morning the club have confirmed that Mr McNally has decided to leave.
He joined the club in 2009 and has overseen two promotions to the Premier League.
Some Norwich players are unimpressed by the recruitment work done by the club in the last few transfer windows, according to Sky sources inside the dressing room.
On Saturday, McNally had replied to a fan on Twitter who called on him to leave the club following the defeat at home earlier in the day by Manchester United.
The fan blamed a lack of investment for the relegation-threatened Canaries' plight.
In a tweet, he said: "I understand your view. I've resigned tonight and I hope the club can now progress."
Then, hours later, Mr McNally seemingly retracted his resignation, insisting he remains fully committed to the club
The tweet said: "I take back what was said earlier. I remain fully committed to NCFC and to Delia and Michael and I've not resigned. My apologies."
Both tweets were then deleted.
A strong ally of co-owner Delia Smith, Mr McNally arrived at Carrow Road in 2009 from Fulham having previously spent four years as sales and marketing director at Celtic.