The skipper, who will lift the Championship trophy at the end of today's home game with Ipswich, will not be remaining at St James' Park to help the Magpies in the Premier League.
Butt said: "It will be the last time I pull on a Newcastle shirt at St James' Park. I have had a wonderful six years here, ever since Sir Bobby Robson brought me to the club in 2004, but this summer I will be moving on."
Butt is on the substitutes' bench this afternoon as Chris Hughton reverts to his strongest starting line-up for Newcastle's final home game of the campaign.
Peter Lovenkrands partners Andy Carroll in attack, with Fabricio Coloccini returning to play alongside Mike Williamson in the back four.
NEWCASTLE (4-4-2): Harper; Simpson, Coloccini, Williamson, Enrique; Routledge, Nolan, Guthrie, Gutierrez; Lovenkrands, Carroll.
Subs: Krul (gk), R Taylor, Butt, Smith, Barton, Best, Ameobi.
IPSWICH (4-4-2): B Murphy; D Wright, McAuley, Norris, Peters; Smith, Leadbitter, Colback, D Murphy; Wickham, Walters.
Subs: R Wright (gk), Garvan, Martin, Rosenior, Quinn, Eastman, Clark.