In a statement on his Facebook account, Raonic thanked Moya for helping "to get the best out of me" during a season in which he reached his first Grand Slam final at Wimbledon and moved up to a career high ranking of No. 3.
Raonic says "we will no longer be continuing our coaching relationship, but remain close friends."
Moya, who won the 1998 French Open, joined Raonic's coaching team in January.
Raonic, who has also worked with John McEnroe, has Riccardo Piatti as a full-time coach.