Fred Shero, who coached the Philadelphia Flyers to two Stanley Cup championships, said yesterday he had resigned because he felt his effectiveness has been exhausted.

The Flyers announced earlier that Shero, 52, had submitted a letter of resignation Thursday in a meeting with General Manager Keith Allen but that the resignation was not accepted.

Reports that he would become coach or general manager of the New York Rangers were denied by Shero, who hinted he might leave hockey for awhile.

Shero said, "The reason for this resignation is simply that I feel my effectiveness to motivate the players as well as to inspire them to the degree that would result in a Stanley Cup victory has been exhausted."

Shero added: "I have no immediate plans for the future. We have not been approached by any other team nor is this decision in any way whatsoever connected with any other employment with any other team in hockey."

Rumors had been circulating for weeks that Shero would return to the Rangers, where he had served for 12 years as a minor league coach before coming to the Flyers in 1971. Shero also has been reportedly sought by the Vancouver Canucks.

"I wish rumors were facts," Shero said. "I would have been in the big leagues 20 years ago and I was starving to death then."

John Ferguson, general manager of the Rangers, would not comment.

"We have not accepted his resignation," Allen said of Shero's letter that was addressed to Flyer Board Chairman Ed Snider.

Allen said Shero has one more year remaining of a five-year contract and "he is still coach of the Flyders. Ed Snider and I have asked Fred to meet with us to clear up the situation."

Shero said he was available for such a meeting but that nothing would change his mind. "I like dialogue with anybody, but I'll tell them the same thing I'm telling you.

"Right now I don't feel like coaching. I fel like I've lost something . . . I don't believe that I can do the job with this team anymore."