The Magpies signed their two-year deal in January but have taken the option available to them to end to that contract after this season and not see out the final 12 months.
Virgin Money will remain as club sponsor until the end of the current campaign.
Derek Llambias: "We have enjoyed a very successful partnership with Virgin Money which we thank them for.
"However, we have decided to end the agreement early and we will be announcing a new sponsorship partner shortly which represents an excellent commercial deal for both parties."
Virgin Money chief executive Jayne-Anne Gadhia: "We were delighted to sponsor Newcastle United given the club's importance to the north east and had hoped that this would be a relationship that would flourish for years to come.
"However, they have found a different option and we have to respect that."