The defender is free to talk to other teams after his time in Hampshire came to an end.
The Shots are fighting for National League survival and are currently in the bottom four.
“Aldershot Town captain Karleigh Osborne has left the club after agreeing to a mutual termination of his contract,” a club statement confirmed.
“Osborne made a total of nine appearances for the Shots this season.
“We thank Karleigh for his efforts this season both on and off the field and wish him all the best with his future.”
Gary Waddock’s side face Eastleigh this weekend before important games with Solihull Moors and FC Halifax.