The 28-year-old goalkeeper has spent the past three season with the Buccaneers following his switch from TS Galaxy and established himself as a reliable back-up to Bucs' first-choice stopper Sipho Chaine.
He was expected to be retained as the club overhaul their squad for the upcoming league campaign, as they bid to defend their title, but was one of a number of players to be shown the door.
"The Club extends its sincere gratitude to Melusi Buthelezi for his professionalism, commitment, and contribution throughout his time with Orlando Pirates,” Pirates confirmed.
"We wish him every success in this next chapter of his career," read a Bucs statement.
Buthelezi made 22 appearances for Pirates across all competitions, keeping 12 clean sheets and conceding 14 goals.
Following his exit, Buthelezi wrote: "To the Orlando Pirates family, it’s never easy to say goodbye to a place that has shaped you in so many ways.
"I want to thank everyone at Orlando Pirates for believing in me and giving me the opportunity to wear this badge. It has truly been an honour. Thank you to the coaches, management, technical team, my teammates, and the supporters who stood by me throughout my journey.
"This journey wasn’t always easy. There were good days, difficult days, moments of joy, and moments that tested me. Through it all, I grew not only as a footballer but also as a person. Every challenge taught me something, and every great moment made me stronger.
"To the supporters, thank you for your love, your patience, and your encouragement. Your support never went unnoticed, and I will always carry it with me.
"As I begin a new chapter, I leave with nothing but gratitude, beautiful memories, and friendships that will last a lifetime. Orlando Pirates will always have a special place in my heart. Thank you for everything. Once and Always."
Player departures include Relebohile Mofokeng, Gilberto, Karim Kimvuidi, Thabiso Lebitso, Tshegofatso Mabasa, Sipho Mbule, Bandile Shandu, Gomolemo Khoto, Siyabonga Ndlozi, Tshepho Mashiloane, Thabiso Sesane, Selaelo Rasebotja, Siyabonga Ndlozi, Sonwabo Khumalo, Blessing Ngiba and Seth Green.
Recent signings are Mthetheleli Mthiyane, Sbangani Zulu, Bohale Ngwato, Ghampani Lungu, Neo Rapoo, Aphiwe Baliti and Matome Mmolai.