The defender who had previosuly played for Aberdeen and Sunderland as well as loan spells at Plymouth and Burnley leaves Pride Park after making 34 league appearances and scoring one goal for the club.
Announcing the news, manager Nigel Clough said: "Russell is a fantastic professional who moves on with our very best wishes.
He has been unlucky with a few injuries and the form of other players during his time with us, but throughout the last two years his attitude has been first class and he has been nothing but a positive influence in the dressing room."
His last appearance was at the start of November when he sustained a hamstring injury in Derby's game against Cardiff City.
Source: DSG
