Newcastle manager Alan Pardew has thanked Shola Ameobi for being 'an incredible servant to Newcastle United' during his 14 years at the club.
The long-serving striker will leave before the 2014/15 season.
In a statement, Pardew said: "Such loyalty and commitment in the modern game is rare and Shola was not just a great player on the pitch but a key figure off it too.
"He is a leader of men, a great role model for our younger players and I wish him well for the remainder of his career."
Loic Remy and Luuk de Jong, who've been on loan at Newcastle United, will return to their parent clubs next season.
French international striker Remy was the Magpies top goal scorer last season, with 14 goals in just 27 games. He will return to Queens Park Rangers.
De Jong was a January loan signing from German side Borussia Monchengladbach. He made 12 appearances for Newcastle.
Michael Richardson, Steven Logan, Brandon Miele and Jonathan Mitchell have also been released ahead of the 2014/15 season.
Manager Alan Pardew said: 'I would like to thank each of these players for the effort, attitude and application they have put in while at the Club.'
Shola Ameobi has thanked 'everyone at Newcastle United' as it is announced he is leaving after 14 years at the club - but said he hasn't ruled out a comeback 'in some capacity'.
In a statement on the NUFC website, he said both parties felt it was the 'right time' to part company and added:
"I've been at Newcastle United all my career and I've enjoyed every moment and always worn the famous shirt with pride. I am now looking forward to starting a new chapter in my career.
"I would like to place on record a big thank you to everyone at Newcastle United.
"I wish the Club great success in the future and I'm sure with the team and management they have, Newcastle United will go from strength to strength.
"Finally, a big thank you to the supporters who have always been fantastic.
"I hope to come back to Newcastle United one day in some capacity to help repay some of the faith and loyalty that everybody connected to the Club has shown me during my time here."
Striker Shola Ameobi will leave the Magpies before next season.
The 32-year-old came through the ranks on Tyneside before making his debut in September 2000.
He has made 397 appearances for the club over 14 years, scoring 79 goals.
Newcastle boss Alan Pardew has backed Shola Ameobi to follow him into management.
Newcastle United striker Shola Ameobi says the defeat by Sunderland was a blip in a very large picture and they would go to Chelsea on Saturday and try to rectify it.