McShane, 23, who came through the club's academy system, has made 63 appearances for the Rhinos since 2006, including 24 this year, and was part of the team that claimed the World Club Challenge with victory over Manly Sea Eagles in 2012.
However, McShane, who has been out on loan at Hull and Widnes, finished the 2013 season playing on a dual registration with Hunslet.
A statement from the club said: "Leeds Rhinos have announced that they have agreed to hooker Paul McShane's request to be released from the remainder of his contract."
McShane's departure is expected to pave the way for the arrival of Wakefield's Papua New Guinea hooker Paul Aiton.
- Sports & Recreation
- Leeds Rhinos
- Manly Sea Eagles
- World Club Challenge