Montoya played 57 games after joining Brighton from Valencia in 2018.
Martin Montoya came through Barcelona’s youth ranks, making 67 appearances before being loaned to Inter Milan and Real Betis during the 2015-16 season.
“Over the past two seasons, Martin has played his part in helping the club maintain its Premier League status,” Brighton head coach Graham Potter said.
“On behalf of all at the club, we wish him all the success for the future.”
