Conte led Inter to the title in 11 years and he ended Juventus .
The 51-year-old Italian spent two years in charge of Inter and had one year remaining on his contract.
In a statement, Inter thanked Conte for his “extraordinary work” at the club.
Conte has recently been linked with Real Madrid.
This has happened at the same time when Zinedine Zidane also left Real Madrid.
Inter added that the decision to terminate the former Chelsea manager’s contract was mutual.
Conte and Inter ends in tears
Despite helping Inter end Juventus’ dominance of the Italian top flight, there has been speculation over Conte’s future at the club for months.
Inter’s owner, the Chinese retail group Suning, is reportedly suffering financial pressure.
This is expected to lead to cost-cutting at the club and player sales this summer.
In February, Jiangsu FC, also owned by Suning, folded just three months after winning their first Chinese Super League title.
Former Juventus manager Massimiliano Allegri and current Lazio coach Simone Inzaghi have both been named by the Italian press as potential successors to the Italian.