The Club and the Dubai-based airline have been sponsorship partners for the past five seasons.
Paul Smith, Chelsea business affairs director, said: "Although we regard Emirates highly, we believe the best type of sponsor for Chelsea, as the club embarks on a new global era, is a consumer brand."
Smith said that Chelsea was looking for a consumer brand to sponsor the team to put it on par with Premiership rivals: Manchester United, sponsored by Vodafone; Arsenal, sponsored by mobile phone firm 02; and Liverpool, which is sponsored by Carlsberg.
"Ideally, it will be an active marketing partner with similar strategic ambitions for the UK, North America and Asia, regions where we anticipate major opportunities for extensive growth in the Chelsea fanbase," Smith said.
The tie-up between Chelsea FC and Emirates Airlines was reportedly worth £24m a season.
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