The striker says talks with Bobby Gould's men have stopped and that he is now considering offers from other clubs.
Gould had initially released the 36-year-old after Town were relegated last term before inviting him back for talks on a new deal.
Naylor insisted he was prepared to take a huge cut in wages to remain at Whaddon Road but believes the club did not do enough to keep him.
"Talks are not going on anymore," said the ex-Port Vale star. "Bobby rang me back asking what would be the least I would stay for.
"I gave him a figure and he went back to the board. It was a big drop, but he got back to me and said they couldn't get anywhere near it.
"I was a bit surprised looking at the players they are trying to sign.
"I would have liked to have stayed but unfortunately it is not to be.
"If they'd have wanted me to stay, they'd have got me back. They haven't so I'm presuming it's over."
In other news, former Bristol City striker Peter Beadle and ex-Wolves forward Robert Taylor are both training with the club while Gould is also in talks with former West Bromwich Albion hit-man Bob Taylor about a move.
