Fabrizio Romano confirmed on X that Vardy will leave the Italian side as a free agent this summer following their relegation to Serie B, and his "ready" for the next chapter.
Vardy moved to Italy after spending 13 years at Leicester City, where he became a Foxes legend for firing them to the Premier League title, Champions League football and an FA Cup.
The 39-year-old scored seven times in 29 Serie A appearances this term, but couldn't prevent Cremonese's slide towards the drop as he suffered his second successive relegation.
The veteran striker was relegated to the Championship with Leicester in 2025, and they've since fallen even further following their drop into League One.
Vardy, who turns 40 next March, will announce the next stage of his career soon, with many thinking he could end his career at boyhood club Sheffield Wednesday.
That being said, the former England international may feel he can still be a goal-scoring machine in the second-tier - or perhaps the Premier League - as he decides what his final chapter will look like.