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The Australian has taken the decision to return home and pursue his career there after two seasons with the Shrimps.
The former Burnley youngster has developed greatly in that time, working with goalkeeping coach Lee Jones and challenging Barry Roche for his starting role.
“Dan is a great lad and has been a pleasure to work with over the past couple of seasons,” Shrimps’ boss Jim Bentley told the club’s website.
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“We felt he was improving all the time and putting real pressure on Barry Roche which in turn has probably improved Barry.
“We would have liked to have kept Dan at Morecambe but he’s made his decision to move back home and I’m sure everyone at Morecambe would join me in wishing Dan the very best of luck for the future.”
Nizic added: “I’ve had a great two years here but I’ve missed my family and friends back home an awful lot.
“I’ve thought about it a lot over the past few months and it’s a tough decision to make.
“I’ve made a lot of friends here and the club’s been good to me.
“I’d like to thank everyone at the club, especially the gaffer and Lee Jones.
“They gave me the opportunity here and I’ll always be grateful for that.”