Juventus have announced that managing director Fabio Paratici is to leave next month after 11 years at the club.

Paratici arrived at the Italian giants from Sampdoria in May 2010 and has taken up a number of boardroom positions, during which time he has helped oversee transfer activity.

However, his contract expires at the end of June and, following talks with president Andrea Agnelli on Wednesday, it has been confirmed the 48-year-old's deal will not be renewed.

Agnelli said in a statement on Juve's official website: "Fabio has written the history of Juventus over the past few years. 

"A growth path characterised by professionalism, perseverance and many successes. 

"Today is the time to thank him for being able to create a strong professional bond, accompanied by a daily passion."

Juve have won 19 domestic trophies during Paratici's time in Turin and pulled off a major transfer coup by signing Cristiano Ronaldo from Real Madrid in 2018.

"They were wonderful years of professional growth and strong emotions," Paratici said of his spell with Juve. 

"Juventus gave me the opportunity to carry out my work with full freedom and without interference in full respect of my role. 

"For this I would like to thank the whole club, my staff, the employees, co-workers, the players, the coaches, the shareholders, and in particular the president, Andrea Agnelli. 

"An important chapter of my career closes, as I await new challenges."

The decision to part ways with Paratici comes on the back of a disappointing 2020-21 campaign for Juventus, head coach Andrea Pirlo's first in charge.

Juve relinquished their grip on the Scudetto for the first time in 10 seasons, with Inter finishing top, though they did salvage their campaign somewhat in the run-in.

They won their final three Serie A games to finish above Napoli in fourth place, as well as beating Atalanta 2-1 in the Coppa Italia final to add to their Supercoppa Italiana triumph back in January.

While Paratici is certainly moving on, the future for Pirlo still remains unclear. Former head coach Massimiliano Allegri has been linked with a return to the Allianz Arena.