The former world number one is sidelined with a back injury and does not plan to play again until his World Challenge tournament in Florida in December.
"I'd like to thank Sean for his help as my coach and for his friendship," Woods told his official website (www.tigerwoods.com).
"Sean is one of the outstanding coaches in golf today and I know he will continue to be successful with the players working with him.
"With my next tournament not until my World Challenge event at Isleworth in Orlando, this is the right time to end our professional relationship," added the 38-year-old.
Woods previously worked with Hank Haney and Butch Harmon before joining forces with Foley in August 2010.
The coach controversially redesigned Woods's swing but the American great has failed to win a major in their time together.
Foley coaches a number of top players including world number five Justin Rose and American Hunter Mahan, who won The Barclays tournament in New Jersey on Sunday.
"My time spent with Tiger is one of the highlights of my career so far and I am appreciative of the many experiences we shared together," Foley said.
"It was a lifelong ambition of mine to teach the best player of all time in our sport. I am both grateful for the things we had the opportunity to learn from one another as well as the enduring friendship we have built.
"I have nothing but respect and admiration for him."
Woods has not appointed a replacement and gave no clue about when he might make a choice.
"Presently I do not have a coach and there is no timetable for hiring one," said the world number 12.
(Editing by Tony Jimenez)
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