The Premier League club have announced that both defenders will not receive contract renewals, and will be released by the club.
Collins, who is now 35, has been a loyal servant to the club, making 214 appearances over two spells. He had been reported to have received an email from the club informing him of the end of his time in London earlier this week, but West Ham have now officially confirmed that he has left the club.
"We would like to place on record our sincere thanks for the outstanding service James has given West Ham United down the years," read a statement from joint-chairmen David Sullivan and David Gold.
"His bravery and commitment on the pitch were never called into question and he has played his part in establishing the club in the Premier League since his return in 2012.
"We appreciate just how popular James is among our fellow supporters but, with the appointment of a new manager, we felt together that the time was right to go our separate ways.
"It goes without saying that we wish James and his family every success in the future and they will always be welcome at London Stadium."
Evra, meanwhile, joined in February on a free transfer, signing a short term contract with the London side, however he has not seen his deal renewed.