Ivar Ingimarsson will be leaving Reading after eight years at the Madejski Stadium.
The departure of the Royals captain comes as the club confirm contract offers to 14 players, while two first-team players, one loanee and four young pros will also leave.
Ingimarsson was Steve Coppell's first signing as Reading manager back in October 2003 and the 33-year-old went on to play over 270 games for the club, scoring 12 goals.
And the former Iceland international leaves after almost a decade with the team who just missed out on promotion following their 4-2 defeat by Swansea in the Championship play-off final.
Ingimarsson was player of the season in 2006/07 and played every minute in the club's first ever season in the Premier League - as well as not missing a minute in their historic 106-point Championship campaign the year before.
Also leaving is out-of-contract striker David Mooney, who ended the season on loan at Colchester United, and the conclusion of Zurab Khizanishvili's season-long loan from Blackburn means an overseas move may be imminent with his contract at Ewood Park coming to an end.
Youngsters James Rowe, Danny Joyce and Abdulai Bell-Baggie are on the move - as is American midfielder Erik Opsahl - and Scott Davies and Julian Kelly have signed for Crawley and Notts County, respectively.
Meanwhile, Hal Robson-Kanu and Brynjar Gunnarsson are in discussions over new deals after their contracts expired this summer.
Robson-Kanu, a product of Reading Academy who made his first team debut in 2007, joined Swindon Town on loan in January 2009 and will now discuss the possibility of a new deal with director of football Nick Hammond.
And joining the English-born Wales international in talks over his future is 35-year-old Gunnarsson, who joined Reading from Watford in 2005 and impressed this season in helping the Royals knock Liverpool out of the FA Cup.
England youth internationals Jacob Walcott and Jack Mills, Canadian U20 captain Ethan Gage, defender Michael Hector and goalkeeper Simon Locke all stay at the club.
Academy players Carl McHugh, David Murphy, Angus MacDonald and Nick Arnold join John Goddard, Charlie Losasso and Gozie Ugwu in signing professional terms.
Academy midfielder Lawson D'Ath and England youth winger Jordan Obita both signed professional contracts earlier this year and will be joined at the Royals by Australian youth internationals Cameron and Ryan Edwards this summer.