Creative differences between him and Sony had developed and his decision to leave was amicable, according to Variety.
Mark Wahlberg has so far been attached to the project as series protagonist Nathan Drake.
Joe Pesci and Robert Di Niro have been considered for the roles of Drake's brother and father respectively, characters which weren't featured in the games.
The Fighter director Russell had asked fans to "trust" him on the adaptation, saying that he was "respectful" of the source material and had played the games several times.
Sony will release two Uncharted games this year: Uncharted 3: Drake's Deception on PlayStation 3 and an Uncharted prequel on the NGP.
Watch the announcement trailer for Uncharted 3: Drake's Deception below: