Marcin Wasilewski will leave Leicester at the end of the season after his contract expires.
The 36-year-old former Poland defender has spent the last four years with the Foxes but his deal will not be renewed.
Wasilewski helped the Foxes win the Sky Bet Championship title in 2014 but missed out on a Premier League winners’ medal last season.
He played four times in the club’s shock title win but needed to feature in five games to earn a medal.
Boss Craig Shakespeare told the club’s official site: “Marcin’s been an absolute pleasure to work with over the last four years.
“The influence he has had and the contribution he has made goes beyond what people see on the pitch. He’s one of the best professionals I’ve ever worked with.
“I remember when we signed Marcin – we knew we were getting a very experienced, international footballer with a lot of quality.
“But we also got an outstanding character, a leader and someone who would make everyone around him better with his relentlessly high standards every day.”
Wasilewski joined Leicester from Anderlecht in 2013 and has made 76 appearances for the Foxes, including five this season – although just one in the Premier League.
Leicester, who will finish mid-table, end their season at home to Bournemouth on Sunday.