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That is exactly what he has done this morning but the decision has almost certainly been prompted by the club's board.
Yorath's record has not been good but Sheffield Wednesday has been a club in crisis throughout his period in charge and still is. He has though been able to bring in new players such as former Burnley target Shefki Kuqi, Lloyd Owusu and long term loanee Leon Knight without improving the club's fortunes.
It hasn't worked and with another failure to pick up a win last night they remain in the bottom three along with Grimsby and Brighton.
Already names have been linked with the job and they include Peter Reid, Ronnie Moore and Chris Waddle.
Rotherham fans would be distraught to lose Moore to their local rivals but he has made it clear now that he sees his future away from Millmoor whilst Peter Reid is being linked with most jobs that have recently become available.
It's no surprise to see the name of Chris Waddle there, he is linked with this job everytime it becomes available (on average once a year) for no other reason than the fans recall his time there as a player. They perhaps need to look at the fact he has not been able to find himself another job as a manager since leaving Burnley in the summer of 1998 and ask themselves why.