In total, Biletnikoff has been associated with the Raiders in some capacity for the last 32 seasons.
Rumored to be leaving for several weeks, the official word came on Wednesday.
"I am now embarking on another chapter and hope that these coming years bring as much joy and accomplishment as the previous years," he said. "I'm excited about this new direction in my life and continuing to being a part of the Raider family."
Biletnikoff was inducted into the Pro Football Hall of Fame in 1988 after a 14-year career that ended in 1978. He won MVP honors in Super Bowl XI and tallied 8,974 yards receiving, 76 touchdown receptions and played in four Pro Bowls.
"This is a celebration of a tremendous career that exemplified excellence in all of its phases," said Raiders Owner Al Davis. "That excellence will be forever etched in stone in so many halls, but more importantly, his pride, his poise will always be etched in our hearts."