The 34-year-old’s contract expires at the end of the month, and the Toffees have decided not to offer him a new deal.
Pienaar first joined Everton on loan from Borussia Dortmund in 2007, before making the move permanent the following year.
He had an ill-fated spell at Tottenham Hotspur in 2011/12 before again joining the Merseyside club on loan, and then permanently in 2012.
However, his time at the club has been plagued by injury, and he made less than a 100 appearances in four years.
Also leaving Everton are Leon Osman and Tony Hibbert.