Lingard, 30, joined Forest as a Bosman last summer from Manchester United.
However, the former England international has not lived up to expectations.
There were two goals and two assists in 20 competitive matches this season.
Now Forest have announced that Lingard is one of six players to leave the squad when their contracts expire.
André Ayew, Cafú, Jack Colback, Jordan Smith and Lyle Taylor are the others.