Tom Carroll will now sign a free transfer to play for League Two team MK Dons after choosing to decline a contract that was given to him at the end of the last campaign.
Carroll joined City last July after a year out of the game and finishes his career with the Grecians on 45 appearances in all competitions and one goal.
Manager Gary Caldwell said: “Tom was excellent for the club last season after joining us following a year out of football. His experience was pivotal for the younger players in the group last season and we wish him all the very best at MK Dons.
“Everyone at the club wishes Tom the best and our thanks go to him for his efforts for the
Carroll returned to the game last July, having been away from it for a year. He ends his career with the Grecians with 45 appearances across all competitions and one goal.