The 33-year-old batsman will not be offered a new contract beyond this summer, having not played for the club since the Vitality T20 Blast clash with Leicestershire on June 20.
It is a disappointing end to what was an excellent stint at the County Ground, with the South African a key member of both the 2013 and 2016 T20 title winning sides, as well as the team that finished runners-up in 2015.
Levi's big hitting at the top of the order was a major factor in that remarkable run of T20 success, consistently hitting at a strike-rate of more than 140, and he made his mark for the club in first-class cricket as well.
But the past couple of seasons have been a struggle for Levi.
In this season's disappointing Blast campaign he managed just 46 runs in five innings, and that followed on from the 2020 season when he scored 196 runs in 10 matches, managing just one half-century.
Originally an overseas signing, Levi went on to represent Northants 183 times across all formats in his nine years at Wantage Road, scoring more than 6,000 runs for the club.