"I have been blessed with the opportunity to coach at UCLA for 10 years," Howland said in a statement. "The UCLA community and fans have been unbelievable to my family and I, and it's been an honor and privilege to represent this great institution. I look forward to what comes next."
It will cost UCLA $2.3 million to buy out the remainder of Howland's contract.
Howland led the Bruins to three consecutive Final Four appearances and four conference championships, including this year.
UCLA athletic director Dan Guerrero says it is time for a fresh start.
"As I looked at the entire program and where I felt we were, especially headed into next year, I felt like now was the appropriate time to make the change and get a fresh start," Guerrero said in an evening teleconference.
Howland will speak at a press conference Monday.
The Associated Press contributed to this report.