The west London side struggled to follow up their Premier League title winning season of 2016/17, limping to fifth in the league with only an FA Cup triumph over Manchester United as a consolation to take from their season.
Former Napoli head coach Maurizio Sarri is the favourite to take over, with the club's top-flight opener a little over four weeks away.
Sarri signed an initial three-year contract with Chelsea after cutting ties with the Italian club, who already appointed Carlo Ancelotti as his replacement in May in anticipation Sarri would leave.
The Blues missed out on a place in the Champions League despite starting the 2017-18 season as Premier League title holders following Conte's successful debut campaign in England.
"I hope we can provide some entertaining football for our fans, and that we will be competing for trophies at the end of the season, which is what this club deserves". "He was one of the most coveted midfielders in Europe and will become an important member of the playing squad".
"He has plenty of experience in Serie A and the Champions League and we know he is relishing the chance to work in the Premier League". The Italian worldwide was thought at one stage to be heading to Manchester City, but Sarri and Chelsea have managed to convince him to forego a season of Champions League football and move to West London instead.
He is the 13th managerial appointment by Blues owner Roman Abramovich since his takeover of the club in 2003, including Jose Mourinho and Guus Hiddink on two occasions.