The 32-year-old has spent his entire 14-year career at Newcastle having come through the youth ranks, but will not be looking for a new club as he is a free agent.
Ameobi finishes his Newcastle career with 397 appearances in all competitions, scoring 79 goals, and manager Alan Pardew paid tribute to the departing striker.
"I have to make a special mention of Shola Ameobi, who has been an incredible servant to Newcastle United," he told the club's official website.
"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."
Nigeria international Ameobi is one of nine players leaving the Premier League club.
Dan Gosling is one to be on his way out of St James' Park, having already agreed a move to Championship side Bournemouth.
The number of strikers available to Pardew was reduced even further with the news that Loic Remy and Luuk De Jong will return to their parent clubs following the end of their loan deals.
Remy top scored for Newcastle last season with 14 goals in the Premier League, but will return to Queens Park Rangers and is expected to move on again.
Conor Newton will start next season with Rotherham United, while Michael Richardson, Steven Logan, Brandon Miele and Jonathan Mitchell will be on the lookout for another club.
