The actor, who has played Roy Harper/Arsenal in the long running series, will not be back as a regular when the show returns later this year.
"We hope to have him back (in some capacity)," showrunner Beth Schwartz confirms.
The former "Teen Wolf" star first quit the show after season four, but returned at the end of season six, and became a series regular in season seven.
Meanwhile, Colton has settled his divorce with florist Jeff Leatham. The couple, which split after just six months of marriage, agreed to put the past behind it and move on as friends. Colton filed for divorce from Jeff last year (2018).