In an official statement Inter Milan wrote
FC Internazionale Milano can confirm that an agreement has been reached with Antonio Conte for the termination of his contract by mutual consent. The Club would like to thank Antonio for the extraordinary work that he has done, culminating in Inter’s 19th top-flight title. Antonio Conte will forever remain a part of our Club’s history.
The decision to part ways comes after news emerged that Inter Milan owners Suning from China had decided to cut budgets for the new season, which would result in Inter having to sell some of their stars.