Giorgi Kinkladze will leave Derby County after rejecting a new contract offer.
Kinkladze had earlier rejected a two-year contract extension
Kinkladze's contract ran out on Tuesday and he was made what manager George Burley described as a "fantastic" deal in light of the Rams financial problems.
But the midfielder has still decided to end his spell at Pride Park to Burley's disappointment.
Kinkladze, 29, first arrived at Derby on loan in November 1999 before completing a £3m move from Dutch club Ajax in April 2000.
Burley was keen to keep the skilful Georgia international but said that he only wanted players who would commit themselves to the club.
Derby's Division One status proved a massive influence on Kinkladze's decision to leave but Burley says he is already eyeing re-inforcements in midfield.