Alex Yoong says he decided to step down from his GP2 Asia drive because he was unable to devote sufficient time to racing.
The 32-year-old former Minardi Formula One driver, who now has a number of motorsport-related business interests in Malaysia, was replaced at the Meritus team by Marco Bonanomi last week.
"I spoke to Peter Thompson (Meritus team boss) and we have decided to come to an agreement, which is mutually beneficial to all parties," Yoong told Malaysian newspaper The Star.
"I had done some driver coaching with them in the past but to finally get the chance to race with them was a lovely experience.
"GP2 Asia is a fantastic series and very competitive. The team need total focus from their drivers and I was finding this more and more difficult to obligate."
Yoong had struggled in the first two GP2 Asia rounds, qualifying towards the back of the field and managing only one top ten finish.
After losing his F1 seat at the end of 2002, Yoong had a brief period in Champ Cars, made several sportscar appearances, and was a race-winner in A1GP.