The striker had been hopeful of earning a new deal at Easter Road but the club opted against prolonging the 36-year-old’s stay in the capital as they make the transition to the top-flight.
He joins Scott Gallacher, Brian McLean, Alex Harris, Chris Humphrey and Jamie Insall in exiting the club.
Holt only netted seven times for the club and faced criticism from some fans for certain league performances but was prominent in the Scottish. He was excellent across two ties with Hearts and changed the semi-final clash Hibs’ way from the bench. He netted one and assisted another, but ultimately it wasn’t enough to take Hibs into a second successive final or win a new contract.
The former Norwich City man left a lasting impression among team-mates with Jason Cummings effusive in his praise of the frontman and the work he did.
Harris came through the academy at Easter Road but failed to become a first-team regular despite 60 appearances, while Gallcher, McLean and Humphrey were all recruited on short-term deals. Insall failed to make an appearance after signing in 2015.
Development Squad members Aaron Dunsmore and Ali Smith are also confirmed departures.
A statement on the club’s official website read: “We would like to thank all the above players for their efforts and contribution to the club and wish them well with their future careers.”