The 31-year-old has been an integral member of The Gunners' team since his controversial switch from Tottenham in 2001.
He helped Arsene Wenger's side to five major trophies during his time at Highbury and had appeared to recover from a difficult period midway through last season.
However, Campbell has decided that now is the time to move on, although he admitted that it had been a tough call to make.
"After much consideration, I have taken the decision to leave Arsenal," he told the club's official website.
"I have spent five fantastic, trophy-filled seasons at the club, with many truly memorable moments, including winning the Premiership title in 2004 by remaining unbeaten for the entire campaign.
"So it is with a sense of pride, achievement and the desire for a fresh challenge that I depart."
"I would like to thank; Arsene Wenger for everything he has done for me, the world class players that I have been privileged to play alongside and accomplish so much, everyone behind the scenes, from the directors to the staff and lastly but by no means least, to the fans. You have been a constant source of warm-spirited support for which I am truly grateful.
"I'd like to thank everyone associated with the club for the wonderful memories and wish the team the best of luck in the future."
Speculation has immediately turned to where he will go next, with numerous clubs set to fight it out for his signature.
Portsmouth boss Harry Redknapp has made no secret of his admiration for the England man, while Newcastle have also been heavily linked.
Turkish side Fenerbahce emerged as surprise suitors towards the end of last term, and there has also been talk of Campbell heading to America's MLS.
"Playing abroad is something that would really interest me but at the moment I am keeping all of my options open," he explained.
Wenger has insisted that Campell goes with his blessing, but conceded that it was a sad day for the club.
"Sol has been a giant for us since his arrival in 2001," Wenger praised.
"Winning two Premiership titles, three FA Cups and scoring in the Champions League final against Barcelona will surely be highlights he will treasure.
"I would like to thank Sol for his tremendous contribution. His commitment, stature and strength of character have served us remarkably well, both individually and as a team player who captained the side.
"I know that the younger players, who have progressed here over recent times, have benefited hugely from playing alongside Sol.
"His desire and presence have been instrumental to our success over the past five years but we respect his decision to move on and, of course, we are very sorry to see him go.
"Everyone at the club wishes Sol all the best for the future."
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