The Northern Irish international joined the Light Blues in 2020 and played an influential role in the side lifting the league title for the first time in the club’s history in the 2021/22 campaign.
Bell, who became a full-time footballer for the first time upon arriving at Rangers, also helped the club to their maiden Sky Sports Cup success later the same year.
Reflecting on her time at the club, the 23-year-old commented: “I have loved every minute of my time at the club. Everyone knows how much this club means to me and it has been an honour to call myself a Rangers player for five years.
“There have been highs and lows along the way and the support of my teammates, staff and supporters helped me through.
“Although I’m not a player anymore, I will always be a fan.
“I wish the girls nothing but the best for the rest of this season and coming seasons, and hope that more silverware will be brought back to Ibrox like they deserve.
“Finally, to every supporter and to everyone at the club who had my back from day one, thank you. I appreciate it more than you know, and I will never forget it.”
Women’s Football Managing Director, Donald Gillies, added: “Megan has left a legacy at Rangers that few will achieve.
“Her presence both on and off the pitch over the last five years at a time when the programme was growing was a huge part of the club’s success.
“Although she is moving on, she will remain an incredibly strong part of the history of the Women’s team and everyone wishes her nothing but success at her new club.”
Everyone at Rangers thanks Megan for her five years of service and wishes her the very best of luck in her future endeavours.