Mike Sheron is one of seven players who have been released by Barnsley boss Glyn Hodges.
Sheron is out of contract at Barnsley
Sheron has been at the club since signing for £1.5m from Queens Park Rangers in January 1999 but is out of contract and his deal with the Tykes will not be renewed.
The other players being released are James Dudgeon and Leo Bertos as well as youngsters Grant Black, Chris Cox, Calum Selby and Richard Carrington, who will be let go at the end of their football scholarships.
However, Hodges has offered new contracts to David Mulligan, Neil Austin, Rory Fallon and Griff Jones - while goalkeeper Matthew Ghent has been offered a short-term deal.
He also plans to hold talks with striker Bruce Dyer, midfielder Mitch Ward and defender Carl Barrowclough, who are all out of contract.
"Making these decisions is not nice," Hodges told his club's website.
"We have a couple of the bigger earners out of contract - like Mike Sheron - and unfortunately the club is no longer in the financial position they were a few years ago, when they were signed.
"We have to make sure we do good business financially and I am sure Mike will not have a problem getting a new club.
"We have offered contracts to Mulligan, Austin, Fallon, Jones and Ghent, but they have to make sure they do not price themselves out of the market in the summer.
"Hopefully we can secure all of them, and look to add a few more."