The news comes several months after drug charges against Page were dropped in the U.S. His arrest came after the band, known for its clean-cut image and whimsical lyrics, released an album of children's songs titled "Snacktime."
The band's Web site said Wednesday that Page will pursue solo projects, including theatrical opportunities.
Page, his girlfriend and her roommate were charged with drug possession in July after police found cocaine at an apartment in New York state. In late October, all three secured a deal to have charges dropped if they stayed out of trouble for six months.
Page wished the band the best.
"These guys are my brothers," he said in the online statement. "We've grown up together over the past 20 years. I love them and wish them all the best in the future."
The other members will return to the studio in April and will tour in the fall.
"It's the start of a new chapter for all of us," band member Ed Robertson said. "Here's to the future!"