The 33-year-old has made four first team appearances since signing for the Green & Golds from Surrey in July 2017.
“Mark has been a whole-hearted professional since returning to the club,” said Nottinghamshire director of cricket Mick Newell.
“He’s conducted himself well off-the-field and has thrown himself into being one of the more experienced professionals whilst playing second team cricket.”
Footitt’s first-class career started as a homegrown player with Nottinghamshire in 2005, making ten first team appearances prior to joining Derbyshire five years later.
The left-armer’s performances for Notts’ East Midlands rivals saw him selected for full England Test squads in 2015 prior to joining Surrey.
A season and a half at the Kia Oval brought 65 wickets in 17 first-class appearances for the former West Nottingham College student, who then re-joined the county of his birth a little over two years ago.
“As a Nottinghamshire boy and someone who came through our system, we are proud of what Mark has achieved in the game during his career so far,” added Newell.
“We would have liked to see that continue back on his home turf at Trent Bridge, but that wasn’t to be. We wish Mark all the very best for the future.”