The former Adelaide United and Gold Coast United midfielder is currently sidelined with an ankle injury sustained against Perth Glory.
If fit, Caravella would be considered for selection for the club's final match of the 2014-2015 season away to Brisbane Roar next Friday.
Newcastle said it wishes to thank Caravella for his services to the club over the past three A-League seasons and hopes for good fortune for himself and his family in the future.
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