Stunningly, the news comes less than 24 hours after Boyce claimed the figures of 5/21 - including a double hat-trick - during his side's final-ball loss to the Sydney Thunder on Wednesday.
In a further twist to this story, it is understood that the Renegades alerted Boyce of their call to cut ties with the former Australian representative prior to the match, per Cricket.com.au.
The 32-year-old made his BBL return earlier this month after a two-year battle with a calf injury, featuring for the Renegades for the first time since BBL|09 in their clash against the Sixers at Kardinia Park.
— KFC Big Bash League (@BBL) January 19, 2022
Boyce is set to be one of many Renegades players not offered new deals for the next season, with the Melbourne club having claimed their second successive wooden spoon.
The decision to cull Boyce could be one that does more hurt than good, with the right-armer having claimed the third most wickets for David Saker's side this season despite having played just the four matches.
Boyce was at the crease for the final ball of Wednesday game at the MCG, having been caught out when his side required two runs for victory.
Speaking after his side's season had ended, Boyce said he would have traded the title of being the first BBL player to claim a double hat-trick in favour of the win.
"It's the highs and lows of T20 cricket isn't it," he said.
"In hindsight it's a pretty amazing achievement to say I've got a double hat-trick at the MCG, it's something that I'll look back at for a long time, but I'd trade it all in for a win for the boys."
Boyce has taken the eighth-most wickets in BBL history, claiming 89 scalps from his 78 innings in the domestic competition.