Peter Lovenkrands has rejected the opportunity to stay with Rangers and will move to German club Schalke 04.
Peter Lovenkrands has been with Rangers since 2000
The 26-year-old Danish forward, who moved to Ibrox six years ago for £1.3m from AB Copenhagen, leaves Glasgow under freedom of contract.
"Peter is left-footed, lightning quick and has an eye for goal. He will increase our options going forward," said Schalke manager Andreas Muller.
"Schalke is a big club where I want to win titles," added Lovenkrands.
The Dane, capped 14 times, has signed a three-year deal to keep him in Germany until June 2009.
"I spoke with Soren Larsen and Christian Poulsen (fellow Danes) about Schalke and what they told me helped me make the decision," added Lovenkrands.
The player, who can play wide or through the middle, bagged 18 goals this season - with four of those coming in Rangers' Champions' League run.
Spanish clubs Osasuna and Villarreal had also approached Lovenkrands.