Tranmere and midfielder Alan Mahon have cancelled their contract by mutual consent.
The 33 year old began his career at Prenton Park and returned for a second spell at the club in the summer of 2009, making 20 appearances.
Boss Les Parry said: "I'm sorry to see Alan leave and this has been the hardest decision I've had to make since taking over as manager."
He added: "After a long and amicable discussion with Alan we both agreed that it would be in the interest of Tranmere and Alan that we parted company."
Mahon, who also enjoyed spells with Wigan and Burnley, added: "I'm sad to leave the club as it's been such a big part of my life but it's the best thing for me and Tranmere that we part ways at this time as it will allow the manager to bring in new talent."