The Denver Nuggets and head coach George Karl finally decided to part ways following another first-round exit in the postseason, a source close to situation reported on Thursday.

According to Yahoo Sports writer Adrian Wojnarowski, the Nuggets management had decided to end their nine-year relationship with Karl despite finishing the season with the third best record in the Western Conference (57-25).

Karl, who was named the 2013 Coach of the Year, guided the young and talented Nuggets back to title contention this season, even though the ball club didn't have a full-fledge superstar in their roster.

However, a collection of borderline All-Stars and promising talents proves to be enough for Karl to form one of the most exciting ball clubs in the NBA. Unfortunately, the Nuggets postseason campaign didn't go well as planned.

Danilo Gallinari, who averaged a team-high 16.2 points and 5.2 rebounds, suffered a season-ending ACL injury in the final weeks of the regular-season. Second-year power forward Kenneth Faried also sat out the remainder of their campaign due to a sprain knee.

With their key players nursing several injuries, the Nuggets limped into the postseason unprepared against Stephen Curry and the Golden State Warriors.

The Nuggets and Warriors went toe-to-toe with each other in an entertaining, high-scoring series which saw veteran point guard Andrie Miller elevating his game into another level. But in the end, the Nuggets were reduced to mere spectators as Stephen Curry put up a shooting clinic in six games.

Karl was not the first key figure to leave Denver this offseason. A week ago, Executive of the Year winner Masai Ujiri bolted out to sign a multi-million deal with the Toronto Raptors.

"So we lost a GM now a coach what's next!?" Nuggets forward Kenneth Faried tweeted after learning the news on Thursday.

Despite these shocking moves, the Nuggets are confident that their nucleus of up-and-coming baller will eventually attract a head coach with championship pedigree.