Team Saxo Bank manager and owner Bjarne Riis says Swiss rider Fabian Cancellara is quitting the Danish team.

Riis told Danish broadcast channel TV2 that the 29-year-old Olympic road race silver medalist is leaving a year before his contract expires and that Cancellara will be released from his contract. The reasons for his departure were not immediately known on Saturday.

Cancellara is regarded as the world's best time trialist. He has won the prologues in the Tour de France in 2004, 2007 and 2010. He added the individual time trial this year.

Cancellara also won the Paris-Roubaix and the Tour of Flanders this year.