The Italian has been linked with the exit door since May after the Blues finished fifth in the Premier League last season.
They failed to qualify for the Champions League as a result, although did end the campaign on a high by winning the FA Cup final against Manchester United.
Conte won the Premier League during his first season in charge but he is now on the lookout for a new job.
In a statement, Chelsea said: "During Antonio's time at the club, we won our sixth league title and eighth FA Cup. In the title-winning season, the club set a then-record 30 wins in a 38-game Premier League season, as well as a club-record 13 consecutive league victories.
"We wish Antonio every success in his future career."
Former Napoli coach Maurizio Sarri is now set to move to Stamford Bridge with the new season just a month away.