Preston have terminated Callum Davidson's contract by mutual consent with immediate affect.
The 34-year-old has been at Deepdale for seven years and his present contract was due to expire this summer.
But an increasing amount of injuries have hampered him in recent times and kept him out of the first-team squad since New Year's Day.
His experience and versatility - he can play at left-back or in midfield - have been sorely missed by Preston this year as they languish at the foot of the Championship.
The former Scotland international joined the Lilywhites on a free transfer from Leicester in 2004 and provided the club with sterling service in his 181 appearances.