Carver successfully guided Newcastle to safety in a tumultuous Premier League campaign, but his failure to rectify the club's free-fall in the second half of the season severely dented his claims that he should get the job on a full-time basis.
Newcastle were tenth in the Premier League standings when Alan Pardew departed for Crystal Palace in January, but the Magpies would go on to win just three of 20 matches under Carver, a run which included eight straight defeats. It was only a victory over West Ham on the final day of the season that ensured Newcastle remained in the top tier.
Carver, who was part of the Newcastle academy as a teenager, returned to his hometown club in 1992 when he was handed a coaching job at Newcastle's School of Excellence.
The 50-year-old would later serve as assistant manager to Bobby Robson, and was caretaker manger after Robson was sacked in August 2004. After a period away from the club, Carver returned in 2011 to take up the role of Alan Pardew's assistant.
While Carver and Stone have been released with pay-offs, goalkeeping coach Andy Woodman remains at the club, while coach Dave Watson returns to the academy.
It is widely expected that McLaren will be unveiled as Newcastle manager on Wednesday, despite turning the club down on two occasions prior to his dismissal by Derby County.