Sky Sports understands Darel Russell is set to cancel his contract at Preston by mutual consent.
The 31-year-old is currently on the transfer list at Deepdale after finding himself out of favour under Graham Westley.
Russell joined Preston in the summer of 2010 after leaving Norwich, but he made just four appearances last season.
The tough-tackling midfielder spent the second half of last season at Charlton, making 11 appearances as the Addicks won the League One title.
Russell returned to Preston over the summer, but he is now seeking a new challenge away from the club.
A number of clubs are thought to be monitoring Russell's situation as they look to snap him on a free transfer.