The defender is a free agent after an unproductive spell in Glasgow, and he took to Twitter to make it clear the decision to leave Newcastle was 'mutual'.
The 20-year-old has been at Newcastle since 2008 but never made an appearance for the Magpies.
It was a mutual decision by myself and Nufc to part ways. Looking forward to the next part of my career and the opportunities ahead— Remie Streete (@Remiestreete80) June 1, 2015
This season the youngster has had two difficult spells out on loan, making just two appearances for Port Vale at the beginning of the season before being recalled after Newcastle suffered a raft of defensive injuries.
Streete then joined Rangers in February alongside Newcastle team-mates Kevin Mbabu, Gael Bigirimana, Shane Ferguson and Haris Vuckic, with the intention of helping the Scottish giants make it back into the Scottish Premier League after three years in the lower divisions.
But it has been an unproductive spell for the centre back, and he has made just one appearance since heading north of the border, a 44 minute appearance against Raith Rovers in the Scottish Cup.
With it unlikely Rangers will be looking to take him on permanently now he is a free agent, Streete may well be looking at the lower division in England in order to get his career up and running again.