Conte joined the Nerazzurri in the summer of 2019 and led them to the Europa League final, losing to Sevilla, while they finished second in the Italian top flight in his first season.
Inter broke Juventus’ nine-year monopoly of the Serie A this season under Conte’s tutelage but the former Chelsea manager was told key players will have to be sold this summer to balance the books due to the financial implications of the Coronavirus pandemic; an idea he objected to.
Conte had one more year remaining on his contract at the San Siro but he departs after reaching an agreement with the club’s hierarchy.
A club statement read: "FC Internazionale Milano announces that it has reached an agreement for the consensual termination of the contract with the coach Antonio Conte.
"The whole club would like to thank Antonio for the extraordinary work he has done, which culminated in winning the 19th Scudetto. Antonio Conte will remain forever in the history of our club."
Conte has been linked with Real Madrid and Tottenham Hotspurs while Massimiliano Allegri and Simone Inzaghi are the early frontrunners to replace the 51-year-old at the San Siro.
