That follows the news this week that John van 't Schip has agreed a three-year deal to stay on as head coach after taking over from the sacked John Aloisi, initially on an interim basis, in January.
Speculation is likely to soon begin in earnest over which players Heart will target ahead of the 2014-15 campaign following the takeover of the franchise by English Premier League giants Manchester City.
Williams though is one player certain to be around under the new regime. The Queensland-native joined Heart in June 2011 and is the team's current Australian marquee player, paid outside the salary cap.
The club has confirmed he will no longer be the dedicated domestic marquee under the terms of the new contract.
The 26-year-old forward has been in good form this season, netting 11 goals to lead the golden boot standings jointly with Besart Berisha of Brisbane Roar and the Newcastle Jets' Adam Taggart.
"David has proven his worth as one of the A-League's most dangerous attackers and we are pleased to have him as part of our squad for next season," Van 't Schip said.
"He has not only offered his goal-scoring services this season, but has grown and developed further as a player, making him a truly exciting prospect."
The club also confirmed they have released striker Michael Mifsud after the Maltese international failed to make an impact.
