The club made the announcement in a statement via the club’s official website on Saturday.
The Serie A giants were eliminated from the Champions League last-16 second leg tie on an away goal rule against Lyon after a 2-2 draw aggregate.
Lyon won the first leg 1-0 in France back in February, while Juventus won the second leg 2-1 in Turin, thanks to Cristiano Ronaldo’s brace.
“The club would like to thank the coach for writing a new page in Juventus history with the victory of the ninth consecutive Scudetto, the culmination of a personal journey that led him to climb all the categories of Italian football,” the statement reads.
Meanwhile, It has been revealed that Juventus will pay Sarri €20million in compensation for sacking the Scudetto winner in a second year running, according to Football Italia.
If the contract is not terminated by mutual consent early, then the Old Lady must pay €11million net in Sarri’s wages, which comes to €20.3million gross.
Sarri’s whole staff were also sacked as part of the latest revolution in Juventus.