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The Blues have moved to dismiss Conte after just two years at the club after they missed out on Champions League qualification last term with a disappointing fifth-place finish in the Premier League.
The Independent reported Conte's departure on Thursday, with the club eventually announcing the news on Friday morning.
"Chelsea Football Club and Antonio Conte have parted company," Chelsea said in a statement.
"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."
Conte leaves having won the Premier League title in his first season at the club and added the FA Cup in what proved to be his final game in charge back in May.
The writing has been on the wall for some time with Chelsea openly on the lookout for a new boss ever since with a number of high-profile names considered.
Talks with Napoli intensified after they hired Carlo Ancelotti as their own new boss with the significant breakthrough over compensation for Sarri coming as negotiations intensified over midfielder Jorginho, a player that the 59-year-old former Empoli coach had specifically requested be signed by the Chelsea top brass.
Manchester City have had an offer on the table for quite some time that Jorginho had been considering but the opportunity to continue to play under Sarri, albeit in the new surroundings of English football, was understood to be a key factor and the Italian international is now expected to make a £53m move to Stamford Bridge.
Conte had refused to walk away unless the final year of his three-year contract was paid up in full and even returned to take pre-season training which began on Monday.
But a compensation agreement was finally reached on Thursday with Sarri set to be announced as his replacement shortly.
Sarri will be joined by former Blues striker and club legend Gianfranco Zola who is set to join as part of a new-look backroom team.