RESET SLAVE
RESET SLAVE makes the slave
forget its replication position in the master's binary log. This
statement is meant to be used for a clean start: It deletes the
master.info and
relay-log.info files, all the relay log
files, and starts a new relay log file. To use
RESET SLAVE, the slave
replication threads must be stopped (use
STOP SLAVE if necessary).
All relay log files are deleted, even if they have not been
completely executed by the slave SQL thread. (This is a
condition likely to exist on a replication slave if you have
issued a STOP SLAVE statement
or if the slave is highly loaded.)
In MySQL 5.4 — unlike the case in MySQL 5.1 and earlier
— RESET SLAVE no longer changes
replication connection parameters such as master host, master
port, master user, and master password. (This means that
START SLAVE can be issued without
requiring a CHANGE MASTER TO
statement following RESET SLAVE.) However,
connection parameters (which are now retained in memory even
after RESET SLAVE is issued) are reset if the
slave is shut down.
If the slave SQL thread was in the middle of replicating
temporary tables when it was stopped, and RESET
SLAVE is issued, these replicated temporary tables are
deleted on the slave.

User Comments
If you want to make a slave *completely* forget that it ever was a slave, then:
CHANGE MASTER TO MASTER_HOST=''
seems to do the trick.
If you run CHANGE MASTER TO MASTER_HOST='', you will not get any output from SHOW SLAVE STATUS. However, if you look in the filesystem you'll still see the master.info files, etc. If you then run RESET SLAVE, these files will be deleted.
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