Esteban Cambiasso will not play for Leicester City next season.

The East Midlands club had tabled an offer for Cambiasso to return for another 12 months but the veteran has declined the proposal.

Cambiasso joined Leicester from Inter Milan last summer on a one-year deal but will not be returning to the King Power Stadium for a second season.

"I would like to announce that I have decided not to renew my contract with Leicester City," Cambiasso said on his Facebook page.

"I have taken this decision only 24 hours after receiving the proposal from Leicester because I want to give the club as much time as possible to find an alternative.

"I would like to thanks all the fans who last season made me feel proud to be part of a club with an unforgettable spirit and energy.

"And a very special thanks to all my team mates, staff and every people of the club, with whom I have lived one of the most important years of my career, crowned with the remaining EPL status.

"Many thanks to everyone, keeping you all for ever in my heart Leicester City Football Club."

The 34-year-old Argentine midfielder was an influential member of the Foxes squad that staved off relegation last season with a stunning finish to the Premier League campaign.