"Colaco will not be our coach in the upcoming season," club secretary Kalyan Majumdar said as they failed to reach a negotiation with the Goan, who has reportedly signed on the dotted lines with Churchill Brothers.
Colaco had set certain terms and conditions as his contract came up for renewal but the club authorities found them unreasonable.
"We are not in a hurry to name our coach. We have two months' time. We will take a call when we find somebody suitable," Majumdar added.