Sarri was poached from Chelsea on a three-year contract just last summer and the 61-year-old led the Bianconeri to their ninth straight Scudetto title, albeit in unconvincing fashion.
Their tally of 83 points in the 2019/2020 season was the lowest among their eight previous title wins.
Juventus finished the Serie A season just one point ahead of second placed Inter Milan, and lost three of their last five games of the season.
Their poor form continued into the Champions League as they bowed out of the competition on the away-goals rule to the unheralded French side, who only finished 7th in their own domestic league.
A club statement read: "Juventus announces that Maurizio Sarri has been relieved of his post as coach of the first team.
"The club would like to thank the coach for having written a new page in Juventus' history with the victory of the ninth-consecutive championship, the culmination of a personal journey that led him to climb all the divisions of Italian football."
Sarri won 34 of his 51 competitive games in charge of Juventus, drew eight times and suffered nine defeats.
Under Sarri’s tutelage, Juventus also lost the Italian Super Cup and the Coppa Italia to Lazio and Napoli respectively.
Several names are being bundled around to take over from Sarri, with the likes of the unattached former Tottenham Hotspur manager Mauricio Pochettino, Zinedine Zidane and Massimiliano Allegri all linked to the Old Lady.
