The pair joined the Bombers in 2008, the same year Matthew Knights took the helm of the club when Kevin Sheedy's 27-year tenure as senior coach ended.
After making the finals in 2009, Essendon extended Knights' contract until the end of the 2012.
However, some underwhelming on-field performances led to chairman David Evans admitting last month that Knights' position would be reviewed at the end of 2010.
Camporeale and Prescott will now not be a part of that review after electing to step away from the club and relocate from Victoria.
Via a press release, Knights said both men would be missed on a professional and personal level.
“Scott and Ash have been integral to the development of our young group and we are grateful for the role they have played over the past three years,” he said.
“We understand that both of the guys are raising young families and it is important that they do what is best for them.
“Both Scott and Ash have formed many strong friendships over their time here and they will be most certainly be missed around the place and we wish them the best of luck for their careers post-Essendon.”
Camporeale played 233 games for Carlton and Essendon and was a part of the Blues' 1995 premiership side.
Prescott played 118 games for Fremantle and Richmond and coached at the Clontarf Indigenous Football Academy and WAFL club Claremont. He will move to Western Australia at the season's end, while Camporeale will shift to South Australia.
