The 25-year-old winger failed to feature in Gary McAllister's plans for this season and will now be able to join a new club as a free agent.
Frenchman Carole started his career at Monaco and joined Leeds on a free transfer from Brighton in 2006 under Kevin Blackwell.
He made 52 appearances for the Whites, with the last of his three goals coming in a 3-1 win at Bournemouth last November.