The team will immediately begin its search for a new head coach.
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Peters compiled a career record of 137-138-53 in four seasons, after being named head coach for the Hurricanes on June 19, 2014.
Raw video: Hurricanes owner Tom Dundon
"I want to thank Tom Dundon, Peter Karmanos and Ron Francis for the trust they put in me to lead the team," said Peters. "I feel the incoming general manager should have the ability to hire his own head coach. I also want to thank Don Waddell and the entire front office and PNC Arena staff. This business requires hard work and long hours, and I greatly appreciate the efforts of the many people I have worked alongside during the past four years.
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"We enjoyed our time in Raleigh, and my family will always feel a connection to North Carolina. I feel like this is a good time to move on, and I am looking forward to my next challenge."
Raw video: Interview with Don Waddell
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A walk inside PNC with new Canes owner Tom Dundon