Pirlo took over the club at the start of the 2020/2021 season on a two-year deal after Maurizio Sarri was sacked.
The former Italy international however endured a difficult first season in management as Juventus lost their Serie A title to Inter Milan and only secured Champions League qualification on the final day of the season.
Juventus were knocked out of the Champions League at the round of 16 stage by FC Porto but they also won the Italian Super Cup and the Coppa Italia under Pirlo.
A statement on Juve's official website reads: "Thank you, Andrea. These are the first words that all of us need to say at the end of this special experience together.
"A few months ago, Andrea Pirlo, an icon of world football, began his new adventure, his first as a coach.
"To do this, first of all, it takes courage, as well as awareness of one's own means, especially in a period marked by thousands of difficulties, with the world forced by the pandemic to reinvent its own rules day after day.
"Pirlo has just begun the first steps of what will no doubt become a brilliant career as a coach. An adventure of transformation, seeking, and often managing, to bring his ideas and his experience as a champion on the pitch from the 'other side' of the fence.
"Since in football, what counts are the victories, let's remember them. In the space of a few short months Pirlo's Juve has raised two trophies: the Italian Supercup and the Coppa Italia. He, as coach, brought home brilliant victories on the most prestigious of fields, from San Siro to Camp Nou.
"For all this, for the courage, the dedication, the passion with which he demonstrated every day, our thanks go to the Maestro, the Coach and to Andrea, that really comes from the heart. As well as our good luck for the future that will surely be a wonderful one."
Massimiliano Allegri, who won five Serie A titles in a previous spell as manager, is expected to take over.