The group said he will continue to serve on the board of MySpace China and will be a strategic advisor to the company.
DeWolfe's departure follows the recent appointment of the former chief executive of AOL, Jonathan Miller, as News Corporation's head of digital operations.
No replacement has been announced for DeWolfe, who the group said had decided not to renew his contract, which was up for renewal in October.
Separately, News Corporations has also announced it is in discussions with Tom Anderson, MySpace's president and the company's other founder, about him assuming a new role in the organisation
Miller described both Anderson and DeWolfe as "true pioneers", adding that it would shortly be announcing a new management structure at the site.
News Corporation, which acquired MySpace for $580m in 2005, has enjoyed stellar growth, but has been confronted by increasing competition from rival Facebook.
The image of Chris DeWolfe is licensed under under Creative Commons License - original author Robert Scoble
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