The 34-year-old came through the youth system at BVB and went on to represent Rot Weiss Ahlen and Borussia Monchengladbach before securing a return to Signal Iduna Park in 2012.
Reus has featured on 424 occasions for Dortmund in all competitions, scoring 168 goals and registering 128 assists.
The forward has also lifted four trophies during his time with BVB, in addition to being a part of the side that reached the final of the Champions League in 2012-13.
Reus is bidding to help his team secure another spot in the final of the European Cup this term, with the Black and Yellows boasting a 1-0 advantage in their semi-final tie with Paris Saint-Germain.
Marco Reus's Dortmund career is coming to a close
The 48-time Germany international has again been a regular this season, scoring seven goals and registering seven assists in 37 appearances in all competitions.
However, Reus's deal is due to expire at the end of June, and it has been announced that the player and club have agreed to part ways this summer.
"An extraordinary era is set to come to an end in the summer. Borussia Dortmund and their long-term captain Marco Reus have mutually agreed not to extend the player's contract, which expires at the end of the season," read a statement on the club's official website.
Dortmund CEO Hans-Joachim Watzke has said: "Marco Reus is one of the club's greatest players. He was born in Dortmund, played for almost 10 years in our youth setup and for 12 years with the first team, and was our club captain for a long time.
"His connection to Borussia Dortmund is extraordinary. We wish Marco all the best for his future. We very much hope that he will return to BVB after his playing career, because there are enough exciting challenges awaiting him here in Dortmund."
German attacker has no plans to hang up his boots
Meanwhile, Reus added: "I'm incredibly grateful for and proud of this special time at my club Borussia Dortmund. I have spent more than half of my life at this club and enjoyed every day, even though there have of course been difficult moments too.
"I already know now that I will find it difficult to say goodbye at the end of the season. And yet I'm happy that there is now clarity and that we can focus fully on the very important final games that we still have to play.
"We have a big objective in our sights that we all want to achieve together. To do so, we will need every single one of our unbelievable fans, to whom I would like to express my sincere thanks for their unbelievable support over the years."
Dortmund have revealed that Reus "is now looking for a new adventure", with the German seemingly having no plans to hang up his boots at this stage of his career.
Reus can play a maximum of five more games for Dortmund, with one of those potentially being the Champions League final against either Real Madrid or Bayern Munich.