Rangers manager Ally McCoist has confirmed defender Kirk Broadfoot will leave the club by the weekend.
Broadfoot moved to Rangers in 2008 and agreed to stay at Ibrox when the club was relaunched this summer after it could not be saved from liquidation.
But the 28-year-old, who has made five Rangers appearances this season, will now be free to join a new club.
"We would just like to take the opportunity to thank him very much for his services," said McCoist.
"Kirk has agreed with [chief executive] Charles [Green] and the club that his contract will be made null and void and he will be free to leave the club from today or tomorrow."
McCoist is confident Bocanegra will stay
Broadfoot joined Rangers from St Mirren under freedom of contract in 2007 and played an important part in the Ibrox side's run to the Uefa Cup final the following year.
He remained a regular starter until a series of injuries, which started in 2009, curtailed his involvement under manager Walter Smith and successor McCoist.
The versatile defender's four Scotland caps and one international goal came in 2008.
Meanwhile, McCoist, who says "nothing at all" has been finalised over any proposed personal investment in the club, is hopeful captain Carlos Bocanegra will remain at Ibrox beyond Friday's transfer deadline and that Rangers will be able to strengthen.
"Carlos is still very much a Rangers player," explained McCoist.
"There has been no activity or movement or change in the situation regarding Carlos so he will hopefully be involved in our next few games and be here post-window.
"The longer it goes, I would say the more chance of everybody staying."
"The situation has been made very clear that we need bodies and we need to bring a bit of quality into the team and into the squad. In the next three days, we will have to do that.
"In the last week or 10 days, we have lost Alejandro Bedoya, it looks like Maurice Edu is away, Kirk Broadfoot is away, Dorin Goian is away.
"We need to get bodies in and plenty of them as soon as possible.
"We've had four or five trialists in. One or two have impressed, which is great, but we haven't made a final decision on any of them yet."