The off-spinner, who joined Derbyshire in 2012 before signing a new four-year contract later that year, will leave the Club with immediate effect. The 30-year-old featured in 43 first-class fixtures for the county, claiming 95 wickets including career-best figures of 6-33.
He also appeared in 26 List A fixtures and 21 Twenty20 games for the club, picking up 39 wickets across the two formats.
Elite Performance Director, Graeme Welch said: “David has been a great servant to the club making a number of match-winning performances during his spell here. “But with a number of talented young bowlers coming through, both David and we felt it was the right time to part company giving David a greater chance of securing a new contract elsewhere. We wish him well for the future.” Wainwright added: “I have some fond memories of my spell with Derbyshire and I want to thank the Club and the Members for their support.”