The Oscar-nominated director had co-written ABC's 'The Club', a drama set in a private country club.
No official reason has been given for his departure, although it is thought Russell wants to focus on filmmaking, reported Deadline.
The series is still set to go ahead.
Russell had co-written and developed 'The Club' with Erin Brockovich scribe Susannah Grant, who will remain on the project and also executive produce.
Russell is the latest in a line of high profile filmmakers who have pulled out of planned TV projects.