Matt Sparrow has rejected the offer of a new contract at Scunthorpe and will leave Glanford Park this summer.
The midfielder, who came through the Iron`s youth set up, was the club's longest-serving player having made close to 400 appearances.
But the 28-year-old, who scored against Reading to secure the club's Championship survival last term, now feels he can get a more lucrative deal elsewhere.
Chairman Steve Wharton told the club's official website: "We are very disappointed but fully appreciate his decision and wish him well in the future. He has been an excellent player for our club and played an important part in many of our recent successes."
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