Having steered the Maroons to a 2-1 series victory in 2020, Wayne Bennett will not be continuing in charge this year.
South Sydney Rabbitohs said the release was agreed by both the star center and club as James Roberts focuses on his health and family.
Dylan Edwards charged over for the match-clinching third Penrith Panthers try as they reached the October 25 NRL showpiece.
A sensational second half saw South Sydney Rabbitohs fight back to beat Parramatta Eels and secure a meeting with Penrith Panthers.
The South Sydney Rabbitohs came from 14-0 behind to win 46-20 against the Newcastle Knights in the NRL finals.
The NRL is investigating allegations made against Sam Burgess, which the former South Sydney Rabbitohs player has denied.
South Sydney Rabbitohs and Alex Johnston were in brutal form as they destroyed rivals Sydney Roosters in the NRL on Friday.
South Sydney Rabbitohs were left stunned by a brilliant start from NRL strugglers Canterbury Bulldogs in Thursday's clash.
Wests Tigers fell just short of pulling off another remarkable comeback as they lost 26-24 to South Sydney Rabbitohs on Thursday.
Kalyn Ponga was on fire for Newcastle Knights, while Melbourne Storm were Friday night winners in NRL.