It had been speculated in the last few days that Maresca's relationship with the club had totally broken down, meaning that Chelsea are now looking for their seventh manager since 2022.
"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," Chelsea said in a statement.
"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."
The Blues' recent form has taken a hit, having won just once in their last seven Premier League matches. They lost three of their eight games across all competitions in the month of December.
It is said that recent comments following a win over Everton in the middle of the month did not go down well with the club's board. Maresca claimed that he had gone through the "worst 48 hours" of his tenure at Stamford Bridge.
The Blues' most recent match ended 2-2 against Bournemouth on Tuesday, where the Italian coach did not speak to the media after the match. While assistant Willy Caballero mentioned Maresca was under the weather, some sources said that he deliberately avoided the presser as he weighed his future at the club.
Fans were left frustrated during Tuesday's contest, when Maresca took off star Cole Palmer at around the hour mark. The fans were left chanting “You don’t know what you’re doing” towards the 45-year-old, who has been with the club since the beginning of last season.
Maresca led the side to the UEFA Conference League and FIFA Club World Cup, as well as a top-four finish in the league last season. They are currently fifth in the Premier League, 15 points back of leaders Arsenal.
Chelsea take on Manchester City in a heavyweight clash on Sunday in what will be the first of nine January games for the London club.