Arians, 69, is set to move to the Buccaneers' front office and join general manager Jason Licht and other player personnel executives on the strategic side of the game.
"Bruce Arians is transitioning to the front office as our Senior Football Consultant. Bucs' defensive coordinator Todd Bowles has been named head coach," the Bucs tweeted.
Bowles is the fourth Black head coach the Buccaneers have had in its history. That's two more than any other NFL team, ESPN Senior NFL Insider Adam Schefter said in a tweet.
NBC sportswriter Peter King first reported the news in a tweet Wednesday evening after he says the Buccaneers "convened an 8 p.m. meeting for Arians to tell his staff."
Schefter also noted that the Buccaneers will have a press conference at 1 p.m. on Thursday addressing the new roles Arians and Bowles are stepping into.
Arians released a statement following the announcement. He said he wanted to walk away knowing Bowles was in the best position to succeed.
"I have spent most of the last 50 years of my life on the sidelines as a football coach in one form or another. Today, I have made the decision to move from the sidelines into another role with the Buccaneers front office, assisting Jason Licht and his staff.
"I love football. I love the relationships, the strategy, the competition—everything. It has been one hell of a ride, but I know this is the right time for me to make this transition.
"Tom’s decision to come back, along with Jason and his staff doing another great job of keeping the core of this team intact during free agency, confirmed for me that it was the right time to pass the torch to Todd. I began conversations with Jason and the Glazer family a few weeks ago about a possible succession plan. Their understanding and support mean the world to me," Arians said, in part.
Arians joined the Buccaneers as head coach back in January 2019 after spending the majority of his head coaching career at the Arizona Cardinals beginning in 2013. In his second year with the team, he helped bring the Bucs their second-ever Super Bowl Championship in 2021. Arians is now wrapping up a 46-year coaching career.
"I want to focus on what I can give back to this incredible game that has provided so much for me and my family," Arians said.
Licht said he is excited for what's to come as Arians takes on another role within the organization.
“I consider Bruce a dear friend and loved working side-by-side with him in a head coach-general manager capacity,” Licht said. “I am really proud of what we have been able to accomplish. Bruce established a culture here that set the foundation for a Super Bowl championship. In my opinion, he is a Hall of Fame coach, so it is difficult for our football team to lose that type of leader. However, I am excited to have him continuing his contributions to our franchise in his new capacity.”
Owner and co-chairman Joel Glazer released a statement, thanking Arians for the "winning culture" he brought to the franchise.
"When Bruce arrived in Tampa Bay three years ago, he spoke about establishing a winning culture and adding another Super Bowl championship for our community. He delivered on both of those promises and our family is deeply appreciative for all that he has accomplished during his time as our head coach," Glazer said, in part.
This is a developing story. Check back with 10 Tampa Bay for updates.