The coach, 71, confirmed his exit as he spoke alongside Patriots owner Robert Kraft on Thursday afternoon (11 January).
The record-breaking head coach had been rumoured to be leaving the franchise after 24 years and six Super Bowl titles.
There was widespread speculation over Belichick's future after the Patriots ended the 2023 season with a 4-13 record - the worst of his coaching career.
One year remains on his contract, but he has been in talks with Kraft since the end of the season.
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