Tottenham will not be renewing striker Teddy Sheringham's contract with the club when it expires at the end of this season.
Spurs say their move to ditch the 37-year-old former England international has been made with an "eye on the future".
Sheringham made a brief statement speaking of his regret at the decision.
The statement said: "I am disappointed not to have been offered a new
contract at Tottenham Hotspur and will be considering offers made to me
Sheringham joined Spurs for a second time in 2001, signing a two-year deal, but has been linked with Millwall and Portuguese club Sporting Lisbon.
"Teddy has performed a great service for us, not just on the field but by setting such a superb example for our younger players," Tottenham boss Glenn Hoddle told the club's official website.
"He has also just completed another marvellous season for the club and we wish him well in the future."
Spurs captain Sheringham will now lead the side out for a final time in the last game of this season when Blackburn visit White Hart Lane on Sunday.
The game will bring an end to his second spell with the club he supported as a youngster.
He first joined Tottenham in August 1992 before leaving to join Manchester United in the summer of 1997 in search of winning some major silverware.
He scored the equaliser against Bayern Munich in United's 2-1 Champions League victory as he helped the Old Trafford club to the Treble in 1999 and arrived back at Spurs in May 2001.