Fletcher arrived in the summer from Welsh side The New Saints.
But his spell at Chorley has been hit by injury.
Vermiglio says they have agreed to part ways, but the striker’s exit is not the only one from Victory Park, as the boss weighs up his options.
Midfielder Jordan Lussey has joined Witton Albion on a dual registration.
The 23-year-old has joined the Evo-Stik Premier Division side for first team football, but like Fletcher, the door on his Chorley future is not closed.
Winger Reuben Noble-Lazarus has also left the club.
And Vermiglio says it was unfair to make him travel to Chorley, when minutes for the National League North leaders would be scarce.
He said: “Reuben will not be with us going forward.
“He has not had enough minutes, and it is unfair to keep him travelling over.
“And Jordan Lussey has gone to Witton Albion on a dual registration.
“He was in a position where he is sitting on the bench
“It is not doing him any favours, and we have still got that relationship where we can call him back if needed.
“Wes Fletcher has also gone.
“He has agreed to cancel his contract
“He is not getting any minutes and he is still injured, so rather than travel the length and breadth of the country, he has decided it is in his best interests to get himself fit closer to home.
“By no means is the door shut on him.
“If he does get himself fit, then he is welcome to come back and train, but at the moment he is too far off.
“We have parted ways amicably.”