Walsh advised the club on Monday that, with the season ended, he was looking for a change.
He is undecided if that is in or outside of football.
Walsh leaves the club having contributed much to its on-field efforts. He spent eight years with the Power as an assistant coach since guiding the forward line and then midfield and, for the past two years, has been responsible for opposition analysis and innovations.
Port Adelaide General Manager – Football Operations Peter Rohde thanked Phil for his great contribution to the club.
“Phil has given us 10 great years of service, making a significant contribution to the Port Adelaide Football Club and our on-field success over that time,” Rohde said.
“We thank Phil for his efforts. He and his family leave Port Adelaide with our best wishes for the future.
“While disappointed to see Phil leave, we understand his desire for a different challenge. We will look to replace the position and are confident that with the experience of our coaching and football group and the mentoring Phil has done with our key people, we are well positioned going forward.”
Walsh will finish with the club on Friday. The club will begin its search for a replacement in due course.