Tebow, 33, played in 287 minor-league games during his career but failed to reach the majors.
"I want to thank the Mets, (team president Sandy) Alderson, the fans, and all my teammates for the chance to be a part of such a great organization," Tebow said. "I loved every minute of the journey, but at this time I feel called in other directions. I never want to be partially in on anything.
"I always want to be 100% in on whatever I choose. Thank you again for everyone's support of this awesome journey in baseball, I'll always cherish my time as a Met."
Tebow finishes with a .233/.299/.338 career slash line and 18 home runs across three different levels in the Mets' system after joining the organization in 2016.
The 2007 Heisman Trophy winner was taken with the No. 25 pick in the 2010 NFL Draft by the Denver Broncos. He played in a combined 35 games (16 starts) between the Broncos and New York Jets over three seasons.