Allegri's future had been in doubt ever since Juve was eliminated from the UEFA Champions League by Ajax in April, with the Old Lady initially billed as a favourite because of the signing of Ronaldo.
But Juve announced on Saturday (AEST) Allegri would not be continuing next season, despite winning Serie A again and having a year left on his contract.
Allegri struggled to hold back tears as he and president Andrea Agnelli addressed the media for the first time since the announcement.
Agnelli spoke glowingly about Allegri's work at the club and five-time Ballon d'Or winner Ronaldo also expressed gratitude for a strong season together.
Ronaldo wrote on his official Instagram account: "Thank you coach, we've only spent one year together but it was exceptional because you are a great manager and a great man. It was a pleasure to work with you."
Allegri's final matches in charge of Juve will see him face high-flying Atalanta and Sampdoria.