Cambridge United have cancelled the contract of player-assistant manager Paul Carden by mutual consent.
The 32-year-old, who had one year left on his deal, spent the last four months of the season on loan at Blue Square Bet Premier rivals Luton Town.
After initially joining the U's on loan from Accrington in 2007, he went on to make 131 league appearances.
"I'll wait and see what comes of it. I want things to take their own course," he told BBC Radio Cambridgeshire.
"I haven't been phoning around or chasing managers, I'll see what comes of it.
"Most people who know me know I'll go where there's a good opportunity and chance to succeed."
The U's are in the process of slashing their playing budget and the exit of Carden, one of the club's top earners, along with Danny Wright's move to Wrexham on Tuesday, will go a long way to reducing the wage bill.
"Paul has been an excellent servant to the club," boss Jez George told the club website.
"It is to his credit that he has also considered the interests of the club throughout our discussions which has allowed us to reach this agreement."
Carden added: "It was straightforward, I think the club appreciated my position.
"I certainly appreciate the club's position, we reached the agreement pretty quickly, there's no ill feeling."