Milicevic the moved onto Newcastle for the 2009/10 A-League season but after fast-becoming one of the competition's premier centre-backs, is ready to head back overseas to see what he can achieve in a second stint away from home.
"I am grateful to have had a special time at the club and to have experienced the change under the new leadership," Milicevic said.
"It is ironic that it coincides with a change for me.
"My football has improved substantially over the past two years and I am now keen to challenge myself overseas.
"I leave the club with some great friendships and memories but there is still some unfinished business to do on the field and I'm determined to contribute to a big finish with the Jets."