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The Serie A giants confirmed Pirlo's departure on social media, thanking their former player for his services.
And, according to Fabrizio Romano, the Turin outfit will appoint their old manager Allegri who enjoyed a spell from 2014 to 2019.
Allegri, 53, won five Serie A titles and four Coppa Italia cups during his prolific first reign at Juve.
He also reached the Champions League final twice, losing to Barcelona in 2015 and to Real Madrid in 2017.
Official. Andrea Pirlo has been sacked by Juventus. Massimiliano Allegri will be announced soon as new manager. :white_circle::black_circle: #Juventus
- Fabrizio Romano (@FabrizioRomano) May 28, 2021
Juve qualified for the Champions League by the skin of their teeth as they failed to defend the Scudetto title.
They finished in fourth place with 78 points, 13 points adrift of champions Inter Milan.
Like Juve, Inter also got rid of their manager from this season with Antonio Conte leaving the San Siro. His contract was terminated by mutual consent.
Conte has since been linked with the vacancy at Real Madrid with Zinedine Zidane leaving his post.
Official Announcement: Zinedine Zidane.#RealMadrid
- Real Madrid C.F. :flag_gb::flag_us: (@realmadriden) May 27, 2021
He's also been rumoured to take charge of Tottenham who are on the hunt for a new manager following the ruthless sacking of Jose Mourinho last month.
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