Director of Rugby Jim Mallinder today thanked Grayson for his dedication to the club.
“Grase has been a big part of the Saints for many years and has played an important role in our development. The records he set as a player will take something special to break, and as a coach he has helped bring on some very talented individuals.
"We will use this as an opportunity to freshen things up and move things forward. On behalf of the players and coaches I wish Grase and his family all the best for the future.”
On leaving the Northampton Saints Paul Grayson said:
Paul Grayson is to leave Northampton Saints with immediate effect.
The former fly-half joined the side in 1993 and went on to become the club's all-time leading point scorer, notching 2,784 points from 259 games.
As a player he won the Heineken Cup, was a member of England's 2003 World Cup winning squad and was a member of the British Lions in 1997.
As a coach he took Saints to the Heineken Cup semi-final in 2007 and alongside Jim Malinder helped the club win the Amlin Challenge Cup, 2010 LV Cup.
Northampton Saints have revealed that Paul Grayson will be leaving the Franklin's Gardens club after more than 19 years as player and coach.