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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.