The 48-year-old Italian, who had a year left on his contract, took pre-season training earlier this week.
Conte produced a record 30 Premier League wins during his maiden season, which has since been thwarted by Manchester City's 32 victories last season, while he now boasts Chelsea's longest consecutive league wins with 13.
"We wish Antonio every success in his future career".
Conte's future with the Roman Abramovich-owned club has looked uncertain for months, however, with the West Londoners failing to qualify for the coming season's Champions League after finishing fifth last season.
Before joining Chelsea, Conte had only coached in his native Italy, leading Juventus to three consecutive Serie A titles from 2012-14 before taking over the national team at Euro 2016.
"Thank you boss. Great man, great manager".
After winning the title in his first season, where did it all go wrong for Antonio Conte?
The Italian's main gripe for the past year was Chelsea's failure to land the signings he really wanted for its Premier League title defense.
Conte has been on the verge of an exit since the closing stages of the 2017-18 season, but due to a multitude of reasons, the club have dallied in making it official.
The exuberant, passionate and, at times, bonkers Italian was popular among many Chelsea fans and there was lots of support for him after his tenure finally came to an end.
Jorginho and Sarri together again?
In May, Napoli appointed Carlo Ancelotti to replace Sarri amid speculation that the latter could take the Chelsea job.