Kahne, 37, will complete the 2017 NASCAR Cup Series schedule for Hendrick Motorsports.
The news release says the move is being announced now to allow him to pursue another seat for the 2018 season.
Hendrick already announced that Alex Bowman will replace Dale Earnhardt Jr.in the No. 88 auto after the veteran declared he wanted an opportunity to go out on his own terms.
"Kasey has worked extremely hard", Hendrick said in a statement.
Falcons coach Dan Quinn says Jalen Collins' second suspension for a violation of the league's policy on performance enhancers has caused a "broken" trust that could cost the cornerback his spot on the team. "He's a tremendous teammate and person, and he has been totally dedicated to our program since day one". Kahne has driven for the organization since 2012 with six wins to date. We still have a lot of racing left in 2017 and finishing strong is our top priority. But in reality, Kahne's status with the team was likely a lot more complicated than a win-and-stay-in-the-car scenario.
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Hendrick Motorsports has settled on Byron, a 19-year-old native of Charlotte, N.C., to take over its No. 5 Chevrolet team, sources confirmed.
Together the two companies sponsor two-thirds of the races for Kahne's vehicle.
A replacement for Kahne has not been announced by the team. Though his current sponsors were on the way out and his future was up in the air all season, the thought was that such a high-profile victory could swing the pendulum in his favor. In the successive years after that top-five finish, Kahne has finished 12th, 15th, 18th and 17th in the standings.