Mark Byrne will leave Barnet after the club revealed they would not be offering the midfielder a new contract.
The 25-year-old is the Bees’ second longest serving player. He signed from Nottingham Forest in 2011 and has gone on to make more than 100 appearances for Barnet.
When the club announced their retained list for the 2014/2015 campaign, head coach Martin Allen stated Byrne would be handed a new deal.
However, Allen says he spoke to the Irishman on Friday and informed him the club were no longer in a position to offer him a contract.
Byrne will leave the Bees when his deal ends at the end of June.
“Mark has been a fantastic asset to this football club, he is a great lad and as a person he is a diamond,” Allen told the club website.
“It was a very difficult decision for me and I wish him the very best of luck in the future as I sure all Barnet supporters do.”
While Byrne will depart, Allen said he is busy working on bringing new players to The Hive ahead of next season.
He added: “Of course at this time of the year there is much speculation, ifs and buts and rumours but we will make no comment on any potential signings and talks until they are confirmed.
“I hope to conclude a number of deals ASAP to get this place buzzing again.”