The 30-year-old has played one game for the Robins since joining in the close season. Hamstring and Achilles tendon injuries prevented him playing a fuller role.
“I would like to thank Hull Kingston Rovers for the way they have conducted themselves during our discussions over the past few weeks,” said Bailey’s agent, Chris Orr, according to the Robins’ official website.
“They have respected Ryan’s right to privacy throughout this process and have offered him their full support.
“We couldn’t have asked for anymore during what has been a difficult time in Ryan’s private life, but it’s now best to move on for all parties.
“We would like to wish Hull KR and their supporters all the best for the rest of the season.”