The 36-year-old striker joined the Old Lady in 1993 from Padova and has gone on to become a legend of the club.
During his spell in Turin Del Piero has become Juve's all-time record goalscorer, while he has made more appearances for the club than any other player.
It has been revealed that the veteran wanted to spend another year with the club but Juve have opted against keeping him.
"The unique link between the old Juventus and the new Juve is our captain, Alessandro Del Piero," said Juve president Andrea Agnelli.
"The link between the Stadio Comunale, Stadio delle Alpi to Stadio Olimpico to the Juventus Stadium is our captain Del Piero.
"He wanted to stay with us for one more year, and this will be his last season wearing the black-and-white jersey."
Del Piero has won Serie A on five occasions during his 18-year spell with the Bianconeri.