The Magpies board made the decision, with club CEO Gary Pert revealing their stance to the playing group and Buckley in a meeting on Tuesday morning.

Buckley has been under pressure all season, with the Magpies down in 15th spot with a 5-10 record.

The former Collingwood champion has been in charge since 2012, but the club hasn't played finals football since 2013.

Nathan Buckley

Despite a mid-season run of form, Collingwood are long shots for the finals ahead of Saturday's match away to Gold Coast Suns.

Buckley said the board's decision helped stabilise the environment around the club.

"It just helps us maintain our focus week-by-week over the next seven-week period," Buckley said. 

"It was my intention and understanding all along so I suppose it is good to be validated by the board."