The Californian 28-year-old announced on his personal Instagram page that he would depart the French manufacturer's 9X8 Le Mans Hypercar programme after November's Bahrain finale.
"After a three year journey together, filled with ups and downs, Bahrain will officially be my final race with Peugeot in the FIA WEC," he wrote.
"It’s been an absolute pleasure building this project together and making memories that will last a lifetime.
"As one door closes, new doors open. It’s too soon to share with you all my plans for 2024, but it will be fast. Best of luck to the team."
Menezes has been a fixture in the #94 Peugeot lineup since the marque's long awaited prototype return came at Monza in 2022.
He raced initially alongside Loic Duval and James Rossiter before the Briton announced his retirement and moved into a team principal role at the Maserati MSG Formula E team.
Rossiter was replaced for the 2022 Bahrain 8 Hours, where the #94 Peugeot matched its fourth place at Monza, and the 2023 campaign by Nico Muller. The #94 crew's high point this season so far is a fifth place in Portugal.
Menezes joined the Peugeot programme after spending three years as part of the Rebellion LMP1 effort, which yielded three WEC victories and a best Le Mans 24 Hours finish of second in 2020.
Source: Autosport