Lewis has spent the past 15 years coaching the Bengals. He led Cincinnati to the playoffs for five straight seasons from 2011 to 2015, but the Bengals failed to qualify last season and enter Week 15 at 5-8 and on the brink of elimination from contention this year.
During his tenure, Lewis also failed to register a playoff victory, losing in all seven of his appearances.
The 59-year-old entered the campaign in the final year of his contract. With the Bengals in the midst of a disappointing season, Lewis was a candidate to be fired.
He will be a candidate for head-coaching jobs elsewhere, Schefter reports, but Lewis is also interested in a front-office position if he doesn't return to the sidelines.
Lewis is currently the second-longest tenured head coach, second only to Bill Belichick who has spent the past 18 seasons as coach of the New England Patriots.