Malky Mackay has dropped his legal claim against Cardiff City after reaching a settlement on his sacking – potentially making him available as an option for Norwich City this summer.

Eastern Daily Press: Cardiff City chairman Vincent Tan (left) and manager Malky Mackay with the Championship trophy. Picture: Adam Davy/PA Wire.Cardiff City chairman Vincent Tan (left) and manager Malky Mackay with the Championship trophy. Picture: Adam Davy/PA Wire. (Image: PA Wire)

Former Canaries defender Mackay was sacked by Cardiff in December, after a slow start to the Welsh club's first season in the Premier League, despite Mackay having steered the Bluebirds to the Championship title the season before.

Eastern Daily Press: Norwich City's Malky Mackay (centre) is mobbed by his team-mates after opening the scoring against Ipswich Town during their 1-1 Nationwide Division One draw at Portman Road in September 2002. Picture: Gareth FullerNorwich City's Malky Mackay (centre) is mobbed by his team-mates after opening the scoring against Ipswich Town during their 1-1 Nationwide Division One draw at Portman Road in September 2002. Picture: Gareth Fuller (Image: Archant)

The Press Association is this afternoon reporting that the terms of Mackay's agreement are being kept closely guarded but that it is understood the Scot was seeking substantial compensation for his dismissal.

Eastern Daily Press: Malky Mackay celebrates scoring his first of two goals in a 3-1 Division One win against Ipswich in March 2004. Picture: James BassMalky Mackay celebrates scoring his first of two goals in a 3-1 Division One win against Ipswich in March 2004. Picture: James Bass (Image: Eastern Daily Press © 2004)

Cardiff owner Vincent Tan had criticised Mackay's efforts in preparing the side for the Premier League since sacking the former Celtic defender, but Mackay has issued a conciliatory statement through lawyers today in which he apologised 'without reservation' to the Malaysian businessman.

The 42-year-old's statement, released through Slater & Gordon Lawyers, read: 'Today I have reached a settlement agreement dropping all claims I have made against Cardiff City Football Club.

'I did not want to be in litigation and believe that it is in the best interests of all parties to have a clean break and move on.'

Mackay is a member of Norwich City's Hall of Fame after playing 232 times for the club, scoring 16 goals, between 1998 and 2004.

He was a key part of Nigel Worthington's team which won the Division One title in 2004 but was sold to West Ham before getting a chance to play in the top flight with City.

He helped West Ham to promotion via the play-offs the following season before being released and joining Watford, gaining promotion again via the play-offs.

He was used as a squad player by Aidy Boothroyd in the Premier League and was made first-team coach in the January of the 2006-07 season.

He eventually took over from Boothroyd as caretaker manager at Watford in November 2008 but Brendan Rodgers, now of Liverpool, was given the job full-time.

Mackay got his chance when Rodgers resigned during the summer of 2009 and guided Watford to 146h place in the Championship in 2009/10 and 14th in 2010/11.

He then signed a three-year contract with Cardiff in the summer of 2011 and guided the Welsh club to the League Cup final, losing to Liverpool at Wembley, and defeat to West Ham in the Championship play-off semi-finals.

Mackay was among the favourites to succeed Paul Lambert at Carrow Road in the summer of 2012, before Chris Hughton was appointed instead, and went on to win the Championship title in 2013.

This season, after a public falling out with Cardiff owner Tan over how money had been spent on players, Tan wrote to Mackay on December 16 and asked him to resign or be sacked.

Mackay refused and took charge of a 3-1 defeat at Liverpool and 3-0 home defeat against Southampton on Boxing Day before he was sacked, having guided Cardiff to four wins and four draws in 18 games.

There was also an ugly episode in October when Mackay's head of recruitment, Iain Moody, was sacked and the inexperienced Alisher Apsalyamov briefly hired before visa problems struck.

Once Mackay followed Moody out of the door, Tan was quick to praise his successor Ole Gunnar Solskjaer's methods even though the Bluebirds were ultimately relegated under the Norwegian.

Today's statement from Mackay continued: 'I have enjoyed my time at Cardiff City and I am most grateful to the board of Cardiff City and Vincent Tan for giving me the opportunity.

'The club's owner Mr Vincent Tan invested heavily in the club and supported our decisions in our push for promotion to the Premier League. Without him this would not have been possible.

'My thanks to all those at the club and the fans who have supported me during my time in Wales. If I have caused any offence to anyone during this time, especially to Vincent Tan, then I apologise without reservation.

'I wish everyone associated with Cardiff City FC all the best for the future and thank them for their support.

'I will not be commenting further on this matter.'

Would you like to see Mackay brought in as manager of Norwich City this summer? Leave your comments below.