The former Juve player has had a difficult first season as a coach, with the Turin club surrendering the Serie A title and only scrapping Champions League qualification on the final day of the season.
Juventus issued a message towards Pirlo once his exit was confirmed, saying: "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."
Pirlo won the Italian Supercup and Coppa Italia during his season in charge and was praised by the club for overseeing triumphs such as the Champions League win over Barcelona.
The statement continued: "And 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. And 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."
Pirlo is expected to be replaced by Massimiliano Allegri, who will return to the Old Lady after previously winning five league titles with the club.