"It was great to have him wear the Perth Glory colours over the past two seasons. However, injury and some unfortunate circumstances meant that Stan wasn't able to play as many matches as he and the club would have liked," Mitchell said.
"Moving forward and putting together a squad for the season ahead, I've had to make some tough decisions and not offering Stan a new contract has been one of the toughest of all."
Lazaridis returned home to Perth to join the Glory for the 2006/07 A-League season but injury meant he played just 11 matches.
A doping ban, for taking an anti hair-loss medication, then ruled him out for the majority of his second season at the club.