Hollett was in his second spell at the Pesky Bulls, having first departed for Cammell Laird in the summer of 2013.
He returned to the club in 2021 and had made 19 appearances in all competitions so far in 2022/23.
A statement posted on social media read: “The club wishes to place on record its thanks and appreciation to Liam for all his efforts since re-joining in 2021.
“We wish him every success for the future.”
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