The 51-year-old Italian spent two years in charge of Inter and had one year remaining on his contract. Conte has agreed a deal with the club’s owners which will see him paid €7m (£6m) for the final year of his contract.

In a statement, Inter thanked Conte for his “extraordinary work” at the club.

Conte has recently been linked with Real Madrid, amid speculation Zinedine Zidane will leave this summer, and the vacancy at Tottenham.

Inter added that the decision to terminate the former Chelsea manager’s contract was mutual.

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 chairman Steven Zhang reportedly asked Conte to cut his wage bill by 15 to 20 per cent and potentially sell players worth up to £70m this summer.

Former Juventus manager Massimiliano Allegri and current Lazio coach Simone Inzaghi have both been named by the Italian press as potential successors to Conte .

Inter had finished 21 points behind Juventus in the season prior to Conte taking charge. It also means that Conte, who won three Serie A titles with Juve, is the only manager to have gained 90 points or more with two different sides since three points for a win was introduced in the Italian top flight in 1994.