Claus Jorgensen will not be staying at City.
The club have given up on trying to re-sign the midfielder after his agent Frank Gray turned down their new contract offer.
Norwich are favourites to snap up the Dane although Burnley are also interested. He scored against both sides during his goal glut in the second half of last season.
City chairman Gordon Gibb said: "It's safe to assume that Claus will be playing elsewhere next year.
"We had a chat with his agent, who is Andy Gray's father, and quoted him the figure and were told that it was not acceptable.
"Claus scored some very valuable goals for which we were obviously grateful for. But when we made the offer we had to weigh up his pluses and minuses in terms of the squad for next season.
"We had to ask ourselves if Claus was going to be an 11-goal a season man every year. We don't think he is going to contribute that amount of goals every time so we will have to look somewhere else for that."
Attacking midfielder Robert Wolleaston is set to be the first of a host of new faces arriving at City during the summer. The internet rumour mill has also linked them with former Burnley skipper Steve Davis but with Nicky Law looking to bring down the average age of the squad, it seems highly unlikely the 34-year-old centre-half would fit the bill.
As the new wage guidelines kick in, City will focus on younger players looking to make a name.
Gibb added: "I wouldn't want to be too specific on the number coming in. But if these budget players become available, we will be more tempted to take a punt on untried talent rather than bringing in well-established pros on senior professional contracts."
Jorgensen made 55 appearances in two seasons after joining City on a Bosman free transfer in June 2001.
Comments: Our rules
We want our comments to be a lively and valuable part of our community - a place where readers can debate and engage with the most important local issues. The ability to comment on our stories is a privilege, not a right, however, and that privilege may be withdrawn if it is abused or misused.
Please report any comments that break our rules.
Read the rules hereComments are closed on this article