Huddersfield Town winger Gary Roberts has rejected the club's offer of a two-year contract extension.
A clause in the 27-year-old's new deal would have seen his salary decrease if they failed to win promotion.
Chairman Dean Hoyle told the Huddersfield Daily Examiner: "Gary was offered a deal [until 2014] but he has rejected that.
"He is quite within his rights to play the final year of his contract and leave on a Bosman [free transfer]."
He continued: "That's the reality of football at the moment and with salary capping coming in, it means that should we not win promotion this season his salary would go down.
"In football generally this sort of thing will have to happen, and there will be a huge influx of players on the market and looking for clubs at the end of the forthcoming season because of the general economic situation and the salary cap."
Huddersfield's League One rivals Sheffield Wednesday have been touted as a possible destination for Roberts, while Leeds United and Southampton have also been mentioned in the media.
Roberts signed a new three-year contract at the Galpharm Stadium in 2009 having originally signed from Ipswich Town the previous year.