Maresca leaves on New Year's Day after just 18 months in charge after his move from Leicester City.
During that time, Maresca led Chelsea to title triumphs in the Europa Conference League and Club World Cup, along with qualification for this season's Champions League.
But his relationship with the club's top brass has become increasingly strained and after this week's draw with Bournemouth the Italian refused to attend the post-match media conference.
At a meeting today involving Maresca, along with co-owner Behdad Eghbali and sporting directors Lawrence Stewart and Paul Winstanley it was agreed to part ways.
In a brief statement, Chelsea announced: " Chelsea Football Club and Head Coach Enzo Maresca have parted company.
"During his time at the Club, Enzo led the team to success in the UEFA Conference League and the FIFA Club World Cup. Those achievements will remain an important part of the Club’s recent history, and we thank him for his contributions to the Club.
"With key objectives still to play for across four competitions including qualification for Champions League football, Enzo and the Club believe a change gives the team the best chance of getting the season back on track.
"We wish Enzo well for the future."