Before hiring Lendl in 2012, Murray was a four-time Grand Slam runner-up. With Lendl by his side, Murray became a two-time major champion and an Olympic gold medalist.
"I'm eternally grateful to Ivan for all his hard work over the past two years, the most successful of my career so far," said Murray, who returned from back surgery this year. "As a team, we've learned a lot and it will definitely be of benefit in the future. I'll take some time with the team to consider the next steps and how we progress from here."
In 2012, Murray captured Olympic gold in London and his first major title, at the U.S. Open. And last year, he became the first British man in 77 years to win it all at Wimbledon.
Like Murray, Lendl also went 0-4 in his first four Grand Slam finals, as they are the only men to do so. The Czech native went on to capture eight major championships and spend 270 weeks at No. 1.
The 54-year-old Lendl first started working with Murray in December 2011.
"Working with Andy over the last two years has been a fantastic experience for me," Lendl said. "He is a first class guy. Having helped him achieve his goal of winning major titles, I feel like it is time for me to concentrate on some of my own projects moving forward including playing more events around the world which I am really enjoying.
"I will always be in Andy's corner and wish him nothing but great success as he too goes into a new phase of his career."
The 26-year-old Murray is the defending champion at the 12-day Sony Open, which commenced Wednesday in Miami.