Campbell, 31, has been linked with a move away from Arsenal since he walked out on his team midway through a home defeat against West Ham in February this year, apparently suffering from depression.

The England star returned to action towards the end of the season and helped his side reach the Champions League final, where he scored in the 2-1 defeat against Spanish side Barcelona.

Sven Goran Eriksson included Campbell in his squad for England's World Cup campaign, but he only figured briefly during a Group B draw with Sweden.

The centre-back has attracted interest from Portsmouth and Turkish club Fenerbahce, but he admitted a move abroad may suit him best.

Campbell told Arsenal's website: "After much consideration, I have taken the decision to leave Arsenal.

"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.

"Playing abroad is something that would really interest me but at the moment I am keeping all of my options open.

"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.

"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."

Campbell has been at Highbury since his controversial Bosman free transfer move from north London rivals Tottenham in May 2001.

He helped Arsene Wenger's side to clinch the League and FA Cup double in 2002 and also played a key role in the Gunners' unbeaten Premiership title-winning campaign in 2004.