The Dutch international blamed the decision on persistent injury problems.
Overmars joined Barca from Arsenal for $35.5 million in July 2000, but has enjoyed little success since his record-breaking move.
Dutch internationals Patrick Kluivert, Philip Cocu, Michael Reiziger and Marc Overmars are to leave The Spanish club.
Neuer sidelined for 'coming weeks' after knee surgery - Bayern
Arsenal manager Arsene Wenger has said he was unsure whether there were divisions in the club's boardroom regarding his future and that he was more focused on salvaging his team's stuttering Premier League campaign.
More clubs should follow the Ajax Amsterdam model of promoting former players to executive roles, according to the Dutch side's assistant manager Dennis Bergkamp.
A factbox on new Manchester United manager Louis van Gaal.
The former Swedish captain, was an integral part of Arsenal's feared line-up in the early part of the last decade. He also played a key role in the North London club's record-breaking 49-game unbeaten run in 2003-04.
Factbox on Dutchman Louis van Gaal who left his job as Manchester United manager on Monday.
And no, the commercial sporting leagues didn't cause the drought, says Shekhar Gupta.
As Manchester United prepare to embark on a new era following Louis van Gaal;s departure, Bikash Mohapatra/Rediff.com offers a diagnosis of what went wrong with the most successful Premier League club after Sir Alex Ferguson called it a day.
