Nathan Delfouneso has also been deemed surplus to requirements by boss Paul Lambert.
Albrighton joined Villa's academy aged eight before going on to make 101 appearances, scoring nine goals, and has been linked with a move to Barclays Premier League newcomers Leicester.
The 24-year-old Tamworth-born winger made nine Premier League starts last season, with 10 more substitute appearances, following a loan spell at Wigan in the Sky Bet Championship.
Albrighton made his debut in the UEFA Cup at CSKA Moscow in February 2009 and started a total of 48 Premier League games, with a further 38 substitute appearances in the competition
He also featured in 15 cup games.
Villa manager Paul Lambert said on avfc.co.uk: "We wish Marc the best in his future career and acknowledge the contribution he has made to the club over the past several years having graduated from our academy."
Delfouneso, another academy graduate who spent last season on loan at Coventry, departs after 50 appearances following his debut, aged 17, in the UEFA Cup tie against Icelandic side FH Hafnarfjorour in August 2008.
Lambert added: "We also wish Nathan the best for his career and thank him for his efforts since he, too, graduated from our academy."
Source: PA