Confusion surrounded the Swiss team's line-up for the season opener in Australia when a court ruled on the Thursday prior to the Grand Prix that Van der Garde had a valid contract to race for Sauber this year.
The Dutchman ultimately agreed to give up his claim on Saturday night, but said talks would continue after the weekend. However, Van der Garde announced on Wednesday that talks have now concluded, and that a mutual parting has been settled upon.
"We have reached a settlement with Sauber and my driver contract with the team has been ended by mutual consent," Van der Garde said in a statement.
"As a passionate race driver, I feel sad and am very disappointed. I have worked very hard my entire career, ever since starting with go-karts at the age of eight, to live my dream and become a successful Formula One driver.
"I had hoped at last to be able to show what I am capable of, driving a car for a respected midfield team in the 2015 season. This dream has been taken away from me and I know that my future in Formula One is probably over.
"I am very grateful to my fans and many friends in Formula One who have given me a lot of support during the last couple of months."
Sauber said they considered the matter closed, adding: "The next race in Malaysia is where our focus is and that's where we will build up on last weekend's success together with our drivers Marcus Ericsson and Felipe Nasr. All our efforts are drawn to this objective."