The Swiss has slipped to seventh in the world — his lowest ranking for over a decade — and saw his hopes of reaching next month’s end-of-season ATP World Tour Finals in London dented on Thursday by his third-round exit from the Shanghai Masters at the hands of Gael Monfils.
“After a terrific three and a half years working together, Paul and I have decided to move on to the next chapter in our professional lives,” he said in a statement on his website.
“When we started together we had a vision of a three-year plan to win another Grand Slam title and get back to the No 1 ranking. Along with many other goals and great memories, these two main goals were achieved.”
Federer joined forces with Annacone, the former coach of 14-time major singles winner Pete Sampras, in summer 2010, and has since won 13 titles.
However, the 17-time Grand Slam singles champion has claimed only one trophy this season and felt the time was right for himself and Annacone to go their separate ways.
In Pictures: Sex scandals involving Indian politicians
Photos: Sports stars who shocked the world with their retirement
Photos: Abhishek Bachchan and Farah Khan at Boman Irani's birthday bash
Spotted: Shah Rukh Khan at Morani's bungalow in Mumbai
Spotted: Sonam Kapoor and sister Rhea at Mumbai airport