"Significant changes will be occurring. These changes won't take away from the success the club has enjoyed, but will help reinforce the foundation for a successful future. We are excited about 2016 and beyond."
But a MWRLFC statement, which was also signed by Sea Eagles director Bob Stevenson, said Toovey deserved better after playing 268 games for the club and spending four seasons in charge as head coach.
"It's a sad day when an icon of our great club is told he is unwanted as the coach despite being under contract until the end of 2016," the statement said.
"His position as coach was undermined even before the season began and continued relentlessly throughout the entire 2015 season. He has not been treated with the respect he has earned and deserves."
Barrett has no head coaching experience but has worked as an assistant to Ivan Cleary at Penrith and has guided the NSW Country Origin side since 2012.
Toovey and several senior players will face the media on Wednesday as the Sea Eagles need to win six of their remaining seven games to qualify for the finals series.
They host table-topping Brisbane at Central Coast Stadium on Saturday night.
-AAP
