Philip Rivers will enter free agency after 16 years with the Los Angeles Chargers.
The 38-year-old quarterback has set in excess of 30 franchise records in his long career with the Chargers but stated last month that his time in Los Angeles is likely to be over.
It was announced by the Chargers on Monday that the two parties had mutually agreed for Rivers to depart.
Chargers general manager Tom Telesco said: "After stepping back a bit from last season, we reconnected with Philip and his representatives to look at how 2019 played out, assess our future goals, evaluate the current state of the roster and see if there was a path forward that made sense for both parties.
"As we talked through various scenarios, it became apparent that it would be best for Philip and the Chargers to turn the page on what has truly been a remarkable run.
"We agreed that making this decision well before free agency would allow everyone to put themselves in the best position for success in 2020.
"I've said before that Philip can still compete at a top-starter level and, in a perfect world, number 17 is your quarterback forever.
"Obviously, we live in an imperfect world where the only constant is change. I think Philip's tremendous perspective, both when it comes to football and when it comes to life, helped lend clarity to a very complex situation."
Rivers is unsure what the future holds after his remarkable career with the Chargers came to an end.
"I am very grateful to the Spanos family and the Chargers organization for the last 16 years," said Rivers, a man described by owner Dean Spanos as "the heart and soul" of the franchise.
"In anything you do, it's the people you do it with that make it special. There are so many relationships and memories with coaches, support staff and team-mates that will last forever, and for that I am so thankful.
"I never took for granted the opportunity to lead this team out on to the field for 235 games. We had a lot of great moments, beginning in San Diego and then finishing in LA. I wish my team-mates and coaches nothing but the best moving forward.
"I'm not sure what the future holds, but my family and I look forward to seeing what God has planned for us next."
The Chargers have the sixth pick in the draft and already have veteran quarterback Tyrod Taylor in the ranks