AC Milan are changing their contract policy for players over 30 years of age.
Milan vice-president Adriano Galliani says those hitting the landmark age will now be offered only one-year deals.
"I think that it is too much for a player who is 30-32 to think about a three-year contract," he told Sky Italia.
"Had Pirlo accepted shorter terms then he would probably have remained. From now on, Milan will only offer yearly contracts to players over 30."
Pirlo is one of numerous players whose contracts were or are set to expire in June, another being veteran Clarence Seedorf.
"We want him to renew with us and I'll try everything to make sure that he stays," Galliani added.