"Despite months of negotiation, 10 has not been able to reach a commercial agreement that was satisfactory to Matt, Gary and George," Network Ten chief executive Paul Anderson said in a statement on Tuesday.
"Australia is full of remarkable cooking talent and we can't wait to introduce another group - and the next generation of exceptional judges - in season 12 of MasterChef Australia next year."
The announcement comes amid calls for Ten to sack Calombaris after his Made Establishment company was last week fined $200,000 for ripping off restaurant workers to the tune of almost $8 million.
He was also dumped on Monday from a West Australian tourism campaign.
MasterChef on Tuesday thanked the celebrity judges for their time on the show.
"After 11 sensational seasons, we bid a fond farewell to our judges - Matt Preston, Gary Mehigan and George Calombaris," the show's Twitter account posted.
"Thank you for being a part of this remarkable #MasterChefAU legacy and helping make the culinary dreams of everyday home cooks come true!"
Calombaris in early 2018 apologised for damaging the sport of soccer after his conviction for assaulting a teenager at the A-League grand final was overturned by a Sydney court.
The restaurateur was fined $1000 after pleading guilty in late 2017 to assaulting the 19-year-old at the A-League grand final between Sydney FC and Melbourne Victory.
But a district court judge subsequently overturned the conviction after agreeing with Calombaris's lawyer that he'd suffered significant financial and personal loss and was unlikely to re-offend.
He was placed on a 12-month good behaviour bond.