Midfielder Esteban Cambiasso has announced he will not renew his contract with Leicester.
New Foxes boss Claudio Ranieri had held talks with the 34-year-old, urging him to make his mind up as the club needed to know if he was staying on after his deal expired last month.
In a statement on his Facebook page, the player said: "I would like to announce that I have decided not to renew my contract with Leicester City.
"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."
Cambiasso's decision will come as a blow to Ranieri, who said on Monday - at his first press conference since replacing the axed Nigel Pearson - that keeping the former Argentina international was a priority.
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A man and a woman were arrested in Leicester this morning on suspicion of preparing for acts of terrorism, the Metropolitan Police Service's Counter Terrorism Command has said.
The 34-year-old man and a woman, 29, were arrested at a residential address in Leicester on suspicion of preparing for acts of terrorism under section five of the Terrorism Act 2006, and making funding arrangements for the purpose of terrorism under section 17 of the Terrorism Act 2000, police said.
Both arrests were made under the Police and Criminal Evidence Act (Pace). The man and woman were taken to a police station in Leicester, where they were being held in police custody.
Officers were carrying out searches at the residential address in Leicester, police added, and inquiries continue.
Driving test examiner Ian Walters has been found guilty at Leicester Crown Court of murdering his wife Tracy by deliberately steering their pick-up truck off the M1.
The jury heard 51-year-old Walters veered off the M1 in Leicestershire while driving home from the couple's 'make-or-break' holiday.
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Nigel Pearson denied he is a bully after his latest outburst saw the Leicester boss heavily criticised.
The Foxes chief apologised to journalist Ian Baker for calling him an "ostrich" and "stupid" after Leicester's 3-1 defeat to Chelsea on Wednesday.
Pearson was irritated after being asked to clarify what criticism of his players had particularly upset him this season.
It was branded '#OstrichGate' on social media with the hashtag trending on Wednesday night.
But Pearson said sorry on Thursday and when asked whether he was bothered by the bad publicity and perhaps being called a bully he replied:
That is a word that is very easy to use but there you are. I am not. Fundamentally I am what I am.
Again, the model which is sometimes thrown at me as being dour and arrogant, people can have their views on that but the people who work very closely with me know me a damn sight better because I allow them to get to know me.
Leicester boss Nigel Pearson has apologised after calling a journalist an "ostrich" in a bizarre spat.
The Foxes manager was involved in a discussion with writer Ian Baker after being asked to clarify his complaints over the criticism his players had received this season
Pearson then called Baker an "ostrich" because his head "must be in the stand" for not understanding Pearson's viewpoint in the post-match press conference following Leicester's 3-1 defeat to Chelsea on Wednesday.
He opened today's press conference by addressing Baker directly:
"Ian, as you’re here," Pearson said. "I apologise. I think it is right to do it in front of the cameras. I hope it doesn’t ruin our relationship.”