Conte led Chelsea to the Premier League title in his first season in England in 2016-17 and followed up that achievement with the FA Cup triumph this year, but his relationship with the board became damaged beyond fix, highlighted by his repeated public and private complaints about transfer policy.
Conte's been absent from all social media posts by the club, which has only fuelled rumours that he won't be in charge by the time the Premier League season starts in August.
It is expected that Chelsea will formally unveil Sarri as their new manager in the very near future.
Conte leaves with the best win percentage 65.1% of any of Chelsea's managers in the Premier League era.
Chelsea FC finished in fifth spot in the Premier League table last season to miss out on a Champions League spot.
Two trophies in two seasons but the writing was on the wall.
The London club says, "We wish Antonio every success in his future career". Chelsea was beaten to the signing of Romelu Lukaku by Manchester United and then Fernando Llorente by Tottenham, for example.
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Blues fans are hoping that the sticky situation is sorted out without further delay as the club play Australian side Perth Glory on July 23 for their first pre-season friendly.
It emerged in May that Abramovich had yet to have his British visa renewed amid a crackdown by authorities on associates of Russian President Vladimir Putin.
Aurelio De Laurentiis said the transfer did not depend on whether or not outgoing Napoli head coach Maurizio Sarri finalised terms to take over from Antonio Conte at Chelsea, despite confirming the deal was close to completion.
Sarri, 59, led Napoli to two second-place and one third-place finish in three seasons in charge.
Sarri didn't win a major title at Napoli, however, and that would not be tolerated at Chelsea.
But even so, Chelsea's announcement on Friday was quite something...