In an official club statement, the Gunners said the new managing director, Vinai Venkatesham, will take over.
“Raul Sanllehi has made a big contribution during his time with us and will always be part of the Arsenal family.
“We thank him for all his hard work and expertise and wish him every future success,” part of the statement read.
Raul Sanllehi, who joined us from Barcelona, said: “I’m proud and pleased with the contribution I’ve made at Arsenal over the past three years, and look forward to enjoying the club’s future success. Arsenal is a true footballing institution.
“Personally, I now look forward to taking some time off and spending time with family and friends before setting to work on a new challenge and cheering Arsenal on to great things.”
This comes as reports emerged that Arsenal have opened investigation into the £72million deal that saw Nicolas Pepe arrive at the club last year.
The Premier League club paid £20m up front and will spread the £52m balance over the next five years, the first instalment of which is due this summer. This has led a review of the scouting reports and negotiating process which led to such a big deal being sanctioned.