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The 20-year old defender joined the Cumbrians on loan last month having found opportunities limited at the Reebok Stadium in the last couple of seasons.
Salford born Livesey broke into the Wanderers team as a 17 year old when coming on for Anthony Barness in a game against Liverpool in September 2002.
Unfortunately the former Greater Manchester Schools player has been unable to build on his early success with the Trotters and has previously spent time out on loan in the Coca Cola League with Notts County, Rochdale and Blackpool after being deemed surplus to requirements with Bolton.
Bolton Mad would like to wish Danny all the best for the future.