The 36-year-old defender signed with the Toffees in 2005, after leaving Manchester United, but was told that, should he extent his contract with Everton, he would not be guaranteed regular playing time.
Neville, rather than extend his contract or retire, decided he was not ready to call it quits on his 19-year playing career.
The former England international said: “I want to continue to play at the top level as long as I can, and will be weighing up my options before making a decision on my next move.”
Since joining the Toffees eight years ago, Neville has made more than 300 overall appearances with the Merseyside club, including 25 this season. His last start came in their FA Cup defeat by Wigan on 9 March.
Despite falling out of favour recently, the defender expressed his appreciation of the club and its fans, who “have been amazing over the past eight years”.
“It’s been an honour to play for and captain Everton. I’ve thoroughly enjoyed my time on Merseyside and will leave with immense pride,” said the defender.
Everton are making a final push for a top-four place in the Premiership, and a chance to compete in next season’s Champion’s League.
Neville added: “I’ll now be doing everything I can to help Everton finish as high up the league table as possible.”
The defender will spend the summer as part of Stuart Pearce’s England U-21’s staff for the European Championship in Israel.
[cat_link cat=”everton” type=”grid”]