In a statement released by the team, the 37-year-old Beckham said it was time for him to embark on an unspecified new phase of his playing career as it nears its conclusion.
"I've had an incredibly special time playing for the LA Galaxy, however, I wanted to experience one last challenge before the end of my playing career," Beckham said. "I don't see this as the end of my relationship with the league as my ambition is to be part of the ownership structure in the future."
In six seasons with the Galaxy, the midfielder appeared in 98 regular season games, tallying 18 goals and adding 40 assists, good for the fourth-most in club history.
The Galaxy will seek their fourth MLS Cup championship Dec. 1 against the Houston Dynamo, who they defeated in the 2011 title game.
Beckham is also credited with bringing international recognition and prestige to the MLS after playing in three World Cups for England, scoring 17 goals in 115 overall appearances for his country.