Tielemans initially joined Leicester on loan from AS Monaco in January 2019 before sealing a £40m move to the King Power Stadium that summer.
The 26-year-old made 195 appearances in total for Leicester, scoring 28 goals, including the winner in the 2021 FA Cup final against Chelsea.
Tielemans made 31 appearances and scored three goals this season but Leicester suffered relegation to the championship after a poor campaign.
The Belgium international has now decided to try his luck elsewhere as he approaches free agency at the end of June.
“Dear Leicester fans, after four and a half special years and with a lot of gratitude I’m bidding farewell to this incredible club,” the Belgium international said in a video on Instagram.
“From the first day I set foot on this ground, your warmth and passion embraced me.
“Victory and triumph, love, hope and even defeat, we’ve shared many special moments together.
“I am forever grateful for your unwavering support, thank you to Khun Top, the board, the staff, the players and fans for having given me and my family a home.
“This is not a goodbye, but a heartfelt farewell. With pride, love and eternal gratitude, Youri Tielemans.”
In the past, Tielemans has been linked with Liverpool and Arsenal, but his next destination is unclear for now.
