Pochettino had been on a two-year deal with the option of a third. But after guiding the team to a sixth place finish and Europa League qualification he and Chelsea agreed to part ways.
"Thank you to the Chelsea ownership group and sporting directors for the opportunity," Pochettino said.
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"The club is now well positioned to keep moving forward in the Premier League and Europe in the years to come."
Coaches Jesus Perez, Miguel d'Agostino, Toni Jimenez and Sebastiano Pochettino also leave.
Chelsea sporting directors Laurence Stewart and Paul Winstanley said: "On behalf of everyone at Chelsea, we would like to express our gratitude to Mauricio for his service this season.
"He will be welcome back to Stamford Bridge any time and we wish him all the very best in his future coaching career."