Ambrose joined WWE on a developmental deal in 2011.
Dean Ambrose will not be renewing his contract with WWE upon its expiration in April, the promotion announced in a statement on Tuesday.
"We are grateful and appreciative of all that Dean has given to WWE and our fans," the statement read. "We wish him well and hope that one day Dean will return to WWE."
WWE's announcement comes after rumors of Ambrose's departure swirled all day Tuesday. PWTorch's Wade Keller reported Tuesday morning that Ambrose was on his way out of the company after WrestleMania. PWInsider's Mike Johnson also reported that Ambrose would be leaving.
Keller quoted an anonymous WWE wrestler as saying Ambrose "hates hokey s---" and had grown tired of the direction WWE had taken his character. Johnson reported that Ambrose was offered a five-year contract "worth a little over seven figures per year" but turned the deal down.
Ambrose, whose real name is Jonathan Good, made his professional wrestling debut in 2004. The 33-year-old joined WWE in April 2011, initially signing a development deal. Ambrose first appeared on the main roster during the Survivor Series pay-per-view show in November 2012.
He won the International Championship for the first time when he defeated Kevin Owens in December 2015 and was a runner-up at the 2016 Royal Rumble event. He is best known for his work with Roman Reigns and Seth Rollins as members of The Shield and feuding with members of the faction.
Ambrose suffered a torn bicep in winter 2017 and told The Monitor that he "nearly died" due to complications with a staph infection. He had two surgeries prior to returning to wrestling.
Ambrose's departure comes as the wrestling industry's top companies are engaged in an ongoing battle to sign top talent. WWE has been snatching up top independent talent, as has Ring of Honor and the new All Elite Wrestling, funded by the billionaire Khan family, is set to run its first show in May and has already signed several big names.