Ameobi, 36, who spent a larger bulk of his early playing days with Premier League club, Newcastle joined the Meadow Lane outfit in 2017 and scored 10 goals in 54 games for the club.
Manager Kevin Nolan has decided against offering the player a new contract and has released him alongside a host of his other teammates as part of the club's bid for a revamp.
"These decisions are some of the hardest, if not the hardest, we make as a management team and it's never an easy time for everyone involved,'' Nolan said of the development.
"I would like to put on record my thanks to all of the players who are moving on and wish them all the best for their future."
Ameobi was part of the Super Eagles World Cup party in Brazil 2014 and accrued a total of ten appearances for the national team, scoring twice.
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