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The former Crystal Palace and Reading player joined The Shots during the summer of 2006 and made 102 appearances in his three seasons at the club.
Speaking to the clubs official website, www.theshots.co.uk Waddock said: "Ricky Newman has been a fine servant to Aldershot Town Football Club and his contribution has been excellent.
"He played a big part as the club progressed to the Football League and his input will always be remembered.
"I respect Ricky as a football player and a person too and I wish him all the very best for the future."
The boss also confirmed that midfielder Justin Cochrane is not being offered a new contract. A former Crewe Alexandra player Justin joined the club in February 2009 on a short term deal and made 10 appearances.
Speaking to the clubs official website Waddock said:, "Justin came in on a short term deal and settled in well.
"I am sure he will be able to progress his football career and, again, he goes with our best wishes."