Price, who has run the team since the advent of GP2 in 2005, will concentrate on driver management. It is unknown whether Herck will now rename the team, which runs his son Michael in the series.
The identity of Herck's team-mate for the main series, which kicks off at Barcelona next month, remains in flux as James Jakes, who tested for the team at Barcelona, is understood to have turned down a deal. Technical chief Andy Miller has also left the squad.
Price will continue to manage Diego Nunes, who has won the last two GP2 Asia feature races with Piquet GP, and switches to former series champions iSport for the main series.
Price is also going to monitor the budget-capped Formula 1 situation, and has not ruled out starting a new team in future.
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