The decision to dispense with Sarri was taken in the aftermath of the club's surprising elimination to Lyon, Juve going out on away goals despite a 2-1 second-leg victory in Turin on Friday.
Failure to progress in Europe has led to the former Napoli and Chelsea boss losing his job after a solitary season in charge, despite winning the Serie A title.
"Juventus Football Club announces that Maurizio Sarri has been relieved of his post as coach of the first team," read a short statement from the club.
"The club would like to thank the coach for having written a new page in Juventus' history with the victory of the ninth consecutive championship, the culmination of a personal journey that led him to climb all the divisions of Italian football."
Reports in Italy have suggested Mauricio Pochettino - out of work since he was sacked by Tottenham in November 2019 - is a leading candidate for the job.
Real Madrid boss Zinedine Zidane, who spent five years with the Bianconeri during his playing career, and Simone Inzaghi, in charge of domestic rivals Lazio, have also been linked.