Cognitive Radio (CR) is a dynamic spectrum access approach, in which unlicensed users (or secondary users, SUs) exploit the underutilized channels (or white spaces) owned by the licensed users (or primary users, PUs). Traditionally, SUs are oblivious to PUs, and therefore the acquisition of white spaces is not guaranteed. Hence, a SU must vacate its channel whenever a PU reappears on it in an unpredictable manner, which may affect the SUs' network performance. Spectrum leasing has been proposed to tackle the aforementioned problem through negotiation between the PU and SU networks, which allows the SUs to acquire white spaces for a guaranteed period of time. Through spectrum leasing, the PUs and SUs enhance their network performances, and additionally PUs maximize their respective monetary gains. Numerous research efforts have been made to investigate the CR, whereas the research into spectrum leasing remains at its infancy. In this paper, we present a comprehensive review on spectrum leasing schemes in CR networks by highlighting some pioneering approaches and discuss the gains, functionalities, characteristics, and challenges of spectrum leasing schemes along with the performance enhancement in CR networks. Additionally, we discuss various open issues in order to spark new interests in this research area.