Ghana international Ayew - who is expected to remain part of the Black Stars' squad for the 2026 FIFA World Cup - leaves after two seasons marked by back-to-back relegations.
During his stay at King Power Stadium, he scored 11 league goals in 72 appearances and featured in almost every Championship match this season as the Foxes finished second from bottom.
Meanwhile, Zambia international signed for £23m from RB Salzburg in 2021 but struggled for consistency and managed five goals in 41 Championship games this season.
He leaves alongside several squad players including captain Ricardo Pereira, Jamaal Lascelles, Jake Donohue, Jahmari Lindsay, Alfie Fisken, Toby Onanaye, Olaoluwa Omobolaji, and Chris Popov.
On the flip side, Leicester have confirmed that goalkeeper Asmir Begovic is in talks over a new deal.