Disabling CRM Online user without losing his data

Hello, 

I would like to disable a CRM User in order to stop deducting his license fees monthly, but I still want his data to be visible in the CRM even if it cannot be edited. I do not want to assign his records to another user. Is that possible? 

Please correct me if i'm wrong, but I understand that if I removed his CRM License from Office 365, it will delete his data.

Thanks in advance