Leicester City captain Ricardo Pereira will leave the club following their final Championship match of the season away to Blackburn Rovers.
The 32-year-old full-back has made 219 appearances and scored 15 goals for the Foxes since joining them from Porto in the summer of 2018.
He was an unused substitute at Wembley for the 2021 FA Cup final win against Chelsea, but played 45 games in all competitions when Leicester won promotion to the Premier League two years ago.
"It has been eight years of highs and lows, and while it hurts to finish this way, I know I will look back with pride on the amazing moments we have shared," the Portugal international told the club website.
"I always tried to give my best, through the good times and the difficult moments. I will always follow Leicester and I hope I will see us back where we belong soon."
A club statement said Pereira was one of the best right-backs ever to play for Leicester and had represented them "with distinction" on and off the pitch.
"He has given his time to support many causes that benefit people throughout Leicester and Leicestershire communities – a credit to Ricardo as a person as well as a footballer," the statement added.
Leicester will play in League One next season following a second successive relegation.
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