The New Zealander, who was dismissed following the Wallabies' 2-1 series defeat to the British and Irish Lions, has been removed from his position six months before the end of his contract.
Deans was in charge of the men in gold since 2007, and is proud of his time at the helm.
"I wish to take this opportunity to thank everyone involved in Australian rugby for their support through the duration of my tenure," said Deans.
"It has been a rewarding five years and I am proud of all that we have achieved.
"Most especially I would like to thank the players for their efforts and wish them all the best going forward."