The 48-year-old out-of-contract Portuguese has not revealed his next destination, but has been heavily linked with homeland giants Benfica whose current manager Jose Mourinho is tipped to return to Real Madrid should Florentino Perez retain the presidency in Sunday's election.
His five-year tenure had made Silva the third longest serving boss in the Premier League, and fifth longest in the top four divisions.
In an open letter to Fulham supporters, Silva said: "To our fans – I asked you, from day one, to always be with us. And that's what you did these past five years. We achieved a lot together.
"My staff and I always felt your support. It will never be forgotten. Fulham will always be in my heart, and sooner or later I will be back at Craven Cottage."
Fulham owner Shahid Khan said the club will appoint "a new leader in a timely but deliberate manner, who will meet the standards of our club and expectations of our fans throughout the world."
Silva guided the Cottagers to their first league title in 21 years when they won the Championship in 2021-22, his first season, to seal promotion back to the Premier League, then secured a top-half finish in the following campaign.
Silva also steered Fulham to their record Premier League points tally, 54 in 2025, as well as four quarter-finals across domestic cup competitions, taking them to the Carabao Cup semi-finals in 2024.
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