"Sevilla are counting on the best coach of America in 2015, who begins his first adventure in Europe," Sevilla said in statement of the man who led his country to their first Copa America triumph last year.
The 56-year-old, out of a job since stepping down as Chile coach in January, lost out to Barcelona coach Luis Enrique for the 2015 FIFA World Coach of the Year award after making the three-man shortlist following his Copa America success.
Emery, who steered the team to the last three Europa League crowns, was under contract with Sevilla until June 2017 but negotiated a release from his contract.
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"With 106 victories, he is the coach with the most wins at Sevilla in domestic and international competition and the second coach behind Joaquin Caparros with the most games managed, 205," Sevilla said in a statement.
"We wish Emery the best of luck in his next adventure."
The Spanish tactician has been linked by the French and Spanish media with the vacant coaching job at Paris St Germain after the big-spending Ligue 1 champions parted ways with Laurent Blanc on Monday.
Sevilla finished seventh in La Liga last season but have qualified for next season's Champions League via their Europa League victory.
(Reporting Adriana Garcia; Editing by John O'Brien)
