McDermott, who took 291 wickets in 71 tests for Australia, turned down a contract extension so he could concentrate on his outside business interests, Cricket Australia said in a statement on Tuesday.
"Its been a thrill to have been able to help the players reach their potential, and to see them achieve such feats as the 5-0 Ashes win at home, defeating South Africa in South Africa and winning last year's World Cup," McDermott said.
"I'd love nothing more than to finish this stint with victory in the World T20 in India."
Australia coach Darren Lehmann said McDermott was a big loss for the team, having helped bring through some of their burgeoning fast bowling talent.
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"He has played a key role in developing our young group of fast bowlers including Mitchell Starc, Josh Hazlewood, James Pattinson, Pat Cummins and Nathan Coulter-Nile.
"Our bowlers have benefited enormously from his experience and insight and they are all better cricketers thanks to his coaching and hard work."
Di Venuto's exit was made public last month on Australia's tour of New Zealand, where the top-five batsmen all scored heavily and were praised by Lehmann.
He will leave to join English county Surrey as head coach after Australia's three Twenty20 international matches against South Africa, which start on Friday.
Former test and one-day international Greg Blewett will step in as batting coach.
(Reporting by Greg Stutchbury in Wellington; Editing by Patrick Johnston)
