Alexandre Premat will leave the Garry Rogers Motorsport V8 Supercars team after deciding to "explore other avenues".
The 31-year-old, a former Audi DTM and sportscar driver, made a surprise switch to V8 Supercars for the start of the 2012 season, but finished down in 27th place in the standings.
He stayed with the race-winning GRM squad for 2013, but struggled again to shine and finished the year only 19th.
GRM - which will join forces with Polestar to field Volvo's brand new V8 project this year - had been quick to sign a new deal with Scott McLaughlin, Premat's team-mate for the past two seasons, but had not firmed up its plans for the Frenchman.
On Monday, Premat said he has decided to leave the team, but did not reveal any plans about his future.
"After examining my driving options both here and overseas and having had discussions with Garry I have decided to explore other avenues," Premat said in a statement.
"I have informed Garry that I will not be driving for GRM in season 2014."