The school said Blakeney and athletic director John Hartwell will hold a press conference Monday to talk about the decision.
Blakeney is seventh among active coaches with 175 career victories, and is the second longest tenured active coach behind Virginia Tech's Frank Beamer.
Troy was off last weekend and hosts New Mexico State on Saturday.
Blakeney is two-time Sun Belt Conference coach of the year, who led Troy to at least a share of five consecutive league titles. He also won three Southland Conference titles.
Blakeney’s contract ends at the end of next season and he makes $505,000 a year. He guided Troy from Division II to the Football Championship Subdivision to the Football Bowl Subdivision in 2001.
- Scooby Axson