Former Chelsea and Real Madrid defender Ricardo Carvalho will not be part of Monaco's squad this season.
Carvalho, 38, signed a one-year contract extension with the principality club last year and scored twice in 33 starts to help them finish third in Ligue 1.
The ex-Porto centre back was also part of Portugal's Euro 2016 squad, featuring in all three group matches. However, he was dropped for the four knockout matches they negotiated to become European champions.
Speaking on Tuesday, Monaco vice-president Vadim Vasilyev said that the veteran defender would not be returning to the club as a player.
"We discussed it and we have decided not to renew his contract," Vasilyev said at a news conference where new sporting director Antonio Cordon and the club's summer signings were presented to the media.
"But I'd like to take this opportunity to thank him for what he has done for AS Monaco.
"He brought a lot. He was indispensable in our defence. But the moment had come to make the change."
Monaco signed Poland international Kamil Glik from Torino in the close season and he seems an obvious candidate to replace Carvalho, who joined the club in the summer of 2013.
Leonardo Jardim has also brought in Djibril Sidibe, Benjamin Mendy, Corentin Jean and Morgan De Sanctis and Vasilyev is hopeful that midfielders Joao Moutinho and Fabinho will be staying.
"For Moutinho and Fabinho, like I said after the match against Fenerbahce, our desire is to keep the squad as it is at the moment," he said.
"We're going to do everything to keep these two players. But it's football and you can never say never until the final day of the transfer window."