The 32-year-old Italian international had been a loyal servant for the club in the heart of midfield ever since joining from Lecce in 2006, making over 300 appearances.
Ledesma won two Coppa Italias during his time with the club, but saw his playing time much more restricted the past couple of seasons, and the two parties made a mutual decision to go their separate ways.
“Ledesma leaves Lazio after nine years, with 318 appearances and 14 goals, and the honors of two Italian Cups and one Italian Super Cup,” a statement read on the official club website.
“The club thanks Cristian for his commitment and dedication demonstrated every day on the field. Every one at the club wishes you the best of luck on a human and professional level.”
Ledesma has been linked with a move to Major League Soccer franchise Real Salt Lake in recent months.