Zebroski was handed a sentence of four years and four months at Swindon Crown Court on Friday, having admitted four charges of robbery, attempted robbery and assault, and the club have acted immediately to end their association with the 28-year-old.
His last appearance for the club, who still harbour hopes of reaching the play-offs in League Two, came on Tuesday, when Zebroski was a second-half substitute in a 2-0 defeat to Southend United.
"The club have always had the welfare and wellbeing of Chris at heart and have worked hard with Chris and the PFA throughout," Newport said in a statement.
"However, we would like to make it clear that we do not condone any of the actions for which Zebroski has been found guilty.
"Regrettably, the club are left with no other option than to terminate Chris' contract."
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