Veteran goalkeeper Ricardo is among 11 players who have been released by Leicester.
The Portugal international moved to The Walkers Stadium in January and went on to make eight appearances for the Foxes this season.
However, manager Sven Goran-Eriksson has opted not to offer him new terms.
That means Ricardo joins youngsters Robert Ambrusics, Ashley Chambers, Nathan Hicks, Jorrin John, Craig King, Ben Milnes, Luke O'Neill, Aman Verma and Adi Yussuf in looking for a new club.
Eriksson is, therefore, expected to launch a bid for a new stopper over the summer, with Coventry's Keiren Westwood believed to be his number-one target.
The former England boss, meanwhile, has afforded himself further time to decide whether to hand Aleksandar Tunchev a new deal as the defender looks to shake off a long-standing knee problem.
Copyright (c) PA Sport 2009, All Rights Reserved.