Ivanisevic, who claimed the singles title at Wimbledon in 2001 after finishing runner-up in 1992, 1994 and 1998, joined Djokovic's team in 2019 and helped the Serb win nine Grand Slam titles.
"Goran and I decided to stop working together a few days ago," 24-time major champion Djokovic said in an Instagram post with a picture of himself and Ivanisevic playing a board game.
"Our on court chemistry had its ups and downs, but our friendship was always rock solid. In fact, I'm proud to say (not sure he is) that apart from winning tournaments together we also had a side battle in Parchisi going on... for many years.
"And that tournament never stops for us. Sefinjo, thanks for everything my friend. Love you."
Djokovic's bid for a record 25th Grand Slam singles title was ended following a 6-1, 6-2, 6-7(6), 6-3 defeat by Jannik Sinner in the semi-finals of the Australian Open in January.
The Serb pulled out of the ongoing Miami Open to limit the number of events he plays this year, with that decision coming after a shock third round loss to Luca Nardi at Indian Wells.
Djokovic will gear up for the clay season as he bids to claim a fourth title at the French Open, which will take place from May 26 until June 9.
