The Spaniard announced the decision to end their collaboration on Wednesday in a message on his social networks.
With Ferrero, who coached Alcaraz since he was 15 years old, Alcaraz has claimed six Grand Slam titles: two French Open titles, two Wimbledon crowns and two US Opens.
"After more than seven years together, Juanki and I have decided to bring our chapter together as coach and player to an end," the 22-year-old Alcaraz wrote.
"Thank you for turning childhood dreams into reality. We started this journey when I was barely a kid, and throughout all this time you've accompanied me on an incredible journey, on and off the court. I've enjoyed every single step with you immensely."
Under the guidance of Ferrero, the 2003 French Open champion, Alcaraz became the youngest player to reach No.1 in the ATP rankings after winning the US Open in 2022 at 19.
Ferrero said: "Today is a difficult day. One of those when it's hard to find the right words. Saying goodbye is never easy, especially when there are so many shared experiences behind it. We have worked hard, grown together, and shared unforgettable moments.
"I want to thank you for the time, the trust, the learning, and above all, for the people who have surrounded me throughout this journey."
Alcaraz did not say whether he would hire a new coach to replace Ferrero. Last year, Alcaraz hired Samuel Lopez to work alongside Ferrero.
