Winger Tommy Lovenkrands will leave St Johnstone in the summer and return to Denmark to play for Esbjerg.
Tommy Lovenkrands arrived in Scotland with brother Peter
The 28-year-old joined the Saints from AB Copenhagen in May 2000, a month before younger brother Peter signed for Rangers from the same club.
But St Johnstone were relegated to the First Division last season and can no longer offer the player similar terms.
Manager Billy Stark told his club's website: "The scenario of pre-contract agreements is now a common thing in football.
"Tommy knew he was going to be out of contract in the summer and that any offer coming from Saints would be significantly reduced from what his current deal is.
"As long as he remains focused, he will continue to play for Saints this season.
"Thereafter, we wish him all the very best for his future career."
St Johnstone swooped for the Dane after a scintillating display in Roddy Grant's testimonial match back in 2000.