Conte led Juve to three conseuctive top-flight titles, but left his post on Tuesday, parting company with the Turin club by mutual consent.
And it is Allegri who has been selected as the man to fill the void, joining Juve after six months out of the game.
Allegri's previous coaching job saw him spend over three years at Milan, leading them to the Scudetto in 2010-11.
However, the 46-year-old was dismissed by the San Siro outfit in January with the club languishing a lowly 11th in the table.
The former Sassuolo and Cagliari boss had been linked with the Italy job following the departure of Cesare Prandelli on the back of the national team's disappointing World Cup campaign.
But Allegri has now committed his future to Serie A's most successful club, and will look to guide them to a fourth straight title.
Conte had agreed a new deal with the Italian champions in May that would have kept him under contract for a further year until 2015.
However, the club confirmed on Tuesday that the deal had been mutually ended, stating that he had become tired with Juve's dominance.
"I need to announce the consensual decision to terminate the contract with Juventus, which tied us together for this season," Conte told the club's official website.
"Let's say that winning is first of all difficult, wherever you are. It is inevitable that at such a prestigious and historically winning side as Juventus you are obliged to win, so it can be tough.
"However, someone who has proved himself to be a winner can survive that stress and I think I've proved it."
