A decision was made after the 53-year-old's extraordinary post-match rant following Spurs' 3-3 Premier League draw at Southampton last Saturday.
Conte, who had seen his side exit the FA Cup and Champions League in quick succession, watched Tottenham concede twice in the final 13 minutes on the south coast to lose ground in the top-four race.
After a fifth away match without a victory, Conte launched a furious tirade against his own "selfish players" and shut down uncertainty over his future as "excuses" for a squad who have failed to end the club's trophy drought that dates back to 2008.
The Italian's contract was set to expire in the summer and he had remained coy over the prospect of extending his stay in London all season, but fourth-placed Spurs have now cut their losses with the former Chelsea boss.
Cristian Stellini, previously Conte's assistant, will take charge of Tottenham's final 10 matches of the season.
"We can announce that head coach Antonio Conte has left the club by mutual agreement," a club statement read.
"We achieved Champions League qualification in Antonio's first season at the club. We thank Antonio for his contribution and wish him well for the future.
"Cristian Stellini will take the team as acting head coach for the remainder of the season, along with Ryan Mason as assistant head coach."
Spurs chairman Daniel Levy added: "We have 10 Premier League games remaining and we have a fight on our hands for a Champions League place. We all need to pull together. Everyone has to step up to ensure the highest possible finish for our club and amazing, loyal supporters."
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